Reuters: Hot Stocks: Australia shares seen higher on Wall St rally, stronger iron ore prices

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Australia shares seen higher on Wall St rally, stronger iron ore prices Apr 9th 2013, 23:13 Tweet Share this Email Print Tue Apr 9, 2013 7:13pm EDT SYDNEY, April 10 (Reuters) - Australian shares are set to open firmer after a rally on Wall Street overnight and with stronger iron ore prices lending support to miners, but gains could be capped by investor worries over geopolitical tensions on the Korean peninsula. * Local share price index futures added 0.2 percent to 4.980, a 3.2-point premium to the underlying S&P/ASX 200 index close. The benchmark jumped 1.5 percent on Tuesday. * New Zealand's benchmark NZX 50 index inched up 0.2 percent to 4,406.0 in early trade. * U.S. stocks advanced on Tuesday, with the Dow closing at a record high on a rally in cyclical shares and as earnings season started to heat up. * Copper hit its highest since late March on Tuesday after Chinese inflation data suggested Beijing would maintain an accommodative monetary policy, underpinning a steady but modest seasonal recovery in metal demand. * Shanghai steel futures rose for a third straight session on Tuesday amid signs that demand in top consumer China is picking up, lifting iron ore prices to near one-month highs as mills stocked up on the raw material. * Demand from China's steel sector remains sufficient to justify the ambitious expansion plans of global iron ore miners, despite concerns about a growing supply glut, a top official of Australian miner Atlas Iron said on Tuesday. * Rio Tinto Plc is having productive talks with the Mongolian government over the investment agreement for its Oyu Tolgoi project in the Central Asian nation, the chief executive of the global miner's copper division said on Tuesday. * Australian surfwear company Billabong International Ltd will enter 10 days of exclusive talks with a consortium led by its former U.S. boss after the group cut its indicative takeover proposal by 45 percent to $300 million. * Australia's consumer sentiment data for April is due at 0030GMT. ----------------------MARKET SNAPSHOT @ 2255 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1568.61 0.35% 5.540 USD/JPY 99.12 0.1% 0.100 10-YR US TSY YLD 1.752 -- 0.000 SPOT GOLD 1585.81 0.07% 1.110 US CRUDE 93.99 -0.22% -0.210 DOW JONES 14673.46 0.41% 59.98 ASIA ADRS 137.13 0.24% 0.32 ------------------------------------------------------------- * Dow ends at another record close as cyclicals rally * Oil rises on weak dollar, Brent-WTI spreads widens * Gold up on volatile currency moves but weakness seen * Copper climbs to near 2-week high; China data buoys 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 Shri Navaratnam) 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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