Reuters: Hot Stocks: Australia shares seen edging up on Wall St, miners may cap gains

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Australia shares seen edging up on Wall St, miners may cap gains May 21st 2013, 23:16 SYDNEY | Tue May 21, 2013 7:16pm EDT SYDNEY May 22 (Reuters) - Australian shares are seen edging higher on Wednesday, after comments from Federal Reserve officials eased some concerns that the central bank might scale back its stimulus programme, helping Wall Street close at all-time highs. But mining stocks may fall on weaker copper prices . * Local share price index futures fell 0.1 percent, but were still 6.9 points higher than the underlying S&P/ASX 200 index close. The benchmark fell 0.6 percent on Tuesday. * New Zealand's benchmark NZX 50 index inched 0.1 percent higher to 4,594 in early trade * Copper dipped on Tuesday after disappointing import numbers from top consumer China, but losses were limited by a protracted production outage in Indonesia. * Gold trimmed its losses as the euro regained strength against the dollar, but the metal remained lower on weak chart signs and fears the U.S. Federal Reserve will wind down its economic stimulus program. * Myer, Australia's largest department store chain, posted a small rise in third-quarter sales on Wednesday and said it remained cautious about the outlook for retail trading. * Iluka Resources holds its annual general meeting on Wednesday. ----------------------MARKET SNAPSHOT @ 2303 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1669.16 0.17% 2.870 USD/JPY 102.41 -0.05% -0.050 10-YR US TSY YLD 1.9298 -- 0.000 SPOT GOLD 1372.51 -0.21% -2.930 US CRUDE 95.68 -0.52% -0.500 DOW JONES 15387.58 0.34% 52.30 ASIA ADRS 147.82 -0.04% -0.06 ------------------------------------------------------------- * Dow, S&P end at records on Fed officials' reassurance * Oil falls on rising US gasoline stocks * Gold trims losses as euro firms ahead of Bernanke * Copper dips on China imports, Grasberg limits losses 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 Thuy Ong; Editing by Edwina Gibbs) Link this Share this Digg this Email Reprints

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