Reuters: Hot Stocks: Australia shares seen recovering on Fed's easing commitment

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Australia shares seen recovering on Fed's easing commitment Mar 20th 2013, 21:43 Tweet Share this Email Print Wed Mar 20, 2013 5:43pm EDT SYDNEY, March 21 (Reuters) - Australian shares are set to rebound from three days of losses on Thursday, after the Federal Reserve reaffirmed its commitment to easing policy, but sentiment will remain cautious on Cyprus and uncertain demand in China. * Local share price index futures was up 0.4 percent at 4,984.0, a 16.6-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.4 percent on Wednesday. * New Zealand's benchmark NZX 50 index inched up 0.1 percent to 4,355.7 in early trade. * The Federal Reserve on Wednesday pressed forward with its aggressive efforts to stimulate the U.S. economy, saying it would take into account risks posed by its policies but also how much work still needs to be done to lower unemployment. * U.S. stocks climbed on Wednesday, with the S&P 500 snapping a three-day losing streak as the Federal Reserve reassured investors that it would keep supporting the economy. * Iron ore prices could fall to around $90 a tonne by 2018 from an average of $128 in 2012, as a result of moderating demand in China and substantial supply increases, Australia's Bureau of Resources and Energy Economics said on Wednesday.  * Copper rebounded on Wednesday from seven-month lows as some investors went bargain hunting and others closed out short positions, but gains were capped by worries about Cyprus and uncertain demand in China. * Australia's Sundance Resources Ltd said on Wednesday it is not confident suitor Hanlong Mining will meet a deadline to prove financing for its $1.4 billion takeover bid after the apparent detention of the Chinese company's chairman. * Agribusiness company Elders Ltd said on Wednesday it is in talks with a number of parties about the sale of its rural services business, responding to an announcement from Australia's competition watchdog that it was reviewing a proposal from Ruralco Holdings Ltd. ----------------------MARKET SNAPSHOT @ 2123 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1558.71 0.67% 10.370 USD/JPY 96.01 -0% 0.000 10-YR US TSY YLD 1.9581 -- 0.054 SPOT GOLD 1605.7 -0.44% -7.090 US CRUDE 92.96 0.87% 0.800 DOW JONES 14511.73 0.39% 55.91 ASIA ADRS 136.65 1.00% 1.35 ------------------------------------------------------------- * Wall St gains as Fed leaves stimulus in place * Brent oil rises as Cyprus concern eases * Gold slips after Fed maintains policy, euro rises * Copper and aluminium bounce; Cyprus crimps gains For a digest of the day's business stories in Australian newspapers, double click on (Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234) (Reporting By Maggie Lu Yueyang) 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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