Reuters: Hot Stocks: Australian shares up as Fed stimulus jitters ease, miners rise

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Australian shares up as Fed stimulus jitters ease, miners rise May 31st 2013, 00:26 Thu May 30, 2013 8:26pm EDT SYDNEY May 31 (Reuters) - Australian shares advanced 0.6 percent on Friday after U.S. economic data eased worries of the Federal Reserve would start to taper in stimulus this year, while firmer copper prices underpinned miners. The S&P/ASX 200 index climbed 29.1 points to 4,959.8 by 0013 GMT. The benchmark fell 0.9 percent to a six-week low on Thursday, and is down 5 percent so far in May. Financials were up, with top lender Commonwealth Bank of Australia climbing 1.2 percent and Australia and New Zealand Banking Group rising 0.5 percent. Flagship miners gained on the back of a 1 percent rise in copper prices. BHP Billiton Ltd and Rio Tinto Ltd jumped 1.4 percent and 2 percent respectively. The local bourse has been hit recently by the U.S. stimulus worries, turbulence in Japanese equities and slowing growth in China, Australia's major export market. U.S. stocks rose on Thursday, rebounding from the previous session's losses, as tepid economic data eased concerns the U.S. Federal Reserve would begin to gradually scale back its policy of stimulating growth. New Zealand's benchmark NZX 50 index rose 0.5 percent or 22.4 points to 4,492.9. (Reporting by Thuy Ong; Editing by Shri Navaratnam)

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