Reuters: Hot Stocks: Australia shares seen bouncing back on metal prices, U.S. earnings

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Australia shares seen bouncing back on metal prices, U.S. earnings Apr 16th 2013, 23:17 Tweet Share this Email Print Tue Apr 16, 2013 7:17pm EDT SYDNEY, April 17 (Reuters) - Australian shares are set to open higher on Wednesday, helped by a rebound in metal prices, and an improved outlook for first-quarter results and encouraging data in the United States. * Local share price index futures rose 0.7 percent to 4,979, 28.2 points higher than the underlying S&P/ASX 200 index close. The benchmark fell 0.3 percent on Tuesday. * New Zealand's benchmark NZX 50 index rose 0.6 percent to 4,454.2 in early trade. * U.S. stocks jumped more than 1 percent on Tuesday, a day after their worst decline since November, as gold prices rebounded and earnings from Coca-Cola and Johnson & Johnson improved the outlook for first-quarter results. Inflation data and a housing report, which showed U.S. housing starts rose 7.0 percent last month, added to bullish sentiment. * Copper rose on Tuesday helped by a weaker dollar and as upbeat housing data from the U.S. propped up hopes of more solid metals demand growth, prompting some buying after a sharp fall in the previous session. * Shanghai steel futures inched down on Tuesday on lingering worries about China's economy and weak U.S. state manufacturing data, while traders said iron ore purchases remained slow but steady in the mainland, the world's biggest consuming nation. * Global miner BHP Billiton Ltd said its March quarter iron ore production was up 6 percent and it anticipated annualized production rate approaching 200 million tonnes for the June 2013 quarter. * Rio Tinto's Kennecott Utah Copper said on Tuesday it is invoking force majeure with respect to contracts with copper cathode and sulphuric acid customers after last week's huge landslide at its Bingham Canyon copper mine. * Leighton Holdings Ltd said its telecommunication unit Visionstream has won a NZ$500 million contract for Ultra Fast Broadband. * Australian energy company Pura Vida Energy is among several firms which have been awarded contracts from Egypt for oil and gas prospection projects in the Mediterranean Sea off its northern coast. ----------------------MARKET SNAPSHOT @ 2302 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1574.57 1.43% 22.210 USD/JPY 97.63 0.11% 0.110 10-YR US TSY YLD 1.7224 -- 0.000 SPOT GOLD 1370.85 0.22% 3.060 US CRUDE 88.96 0.27% 0.240 DOW JONES 14756.78 1.08% 157.58 ASIA ADRS 138.91 1.61% 2.20 ------------------------------------------------------------- * Wall St gains 1 pct, lifted by gold, earnings and data * Brent fall under $100 for first time since July 2012 * Gold ekes out gain after extending slide to 2-year low * Copper up on weaker dollar, U.S. housing data 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; Editing by Edwina Gibbs) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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