Reuters: Hot Stocks: Australia shares set to rebound; focus on rate decision

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Australia shares set to rebound; focus on rate decision Mar 4th 2013, 22:20 Tweet Share this Email Print Mon Mar 4, 2013 5:20pm EST SYDNEY, March 5 (Reuters) - Australian stocks look set to rebound on Tuesday as investors look for some value buys after a sharp fall, but trading is seen cautious ahead of the central bank's rate decision and on concerns about China's housing market. * Local share price index futures rose 0.6 percent to 5,053, a 42.5-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 1.5 percent to its lowest close since Feb. 26. * New Zealand's benchmark NZX 50 index inched down 0.2 percent to 4,243.2 in early trade. * A late-day rebound saw U.S. stocks close higher on Monday, extending a recent trend of buying on dips and pushing major indexes near all-time highs despite concerns about growth and China's housing market. * Copper rebounded from three-month lows, but gains were kept in check by a political stalemate in the United States and Italy, and by plans in top consumer China for tighter property sector controls. * The outcome of the Reserve Bank of Australia's March meeting will be announced at 0330 GMT. Nearly all economists in a Reuters poll forecast no change to the record-low 3 percent cash rate. * January retail sales figures and current account deficit DATA for the fourth quarter are due at 0030 GMT. * Shares in New Zealand's dominant pay television operator, Sky Network Television Ltd, fell sharply on Tuesday after News Corp completed the sale of its 44 percent stake. ----------------------MARKET SNAPSHOT @ 2157 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1525.2 0.46% 7.000 USD/JPY 93.44 -0.13% -0.120 10-YR US TSY YLD 1.8772 -- 0.033 SPOT GOLD 1573.04 -0.02% -0.300 US CRUDE 90.27 -0.45% -0.410 DOW JONES 14127.82 0.27% 38.16 ASIA ADRS 136.27 -0.41% -0.55 ------------------------------------------------------------- * Wall St closes higher in late-day rally * Oil falls on slowing Chinese economy, ample U.S. supply * Gold eases as ETF holdings fall again, U.S. cuts eyed * Copper rebounds from 3-mth low; China property curbs weigh For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Maggie Lu Yueyang; Editing by John Mair) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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