Reuters: Hot Stocks: Australia shares climb 1.7 pct on receding China, Fed concerns

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Australia shares climb 1.7 pct on receding China, Fed concerns Jun 27th 2013, 06:19 Thu Jun 27, 2013 2:19am EDT SYDNEY, June 27 (Reuters) - Australian shares climbed 1.7 percent on Thursday, its biggest one-day jump in two weeks, lifted by a Wall Street rally and receding concerns about Chinese growth, as investors looked for direction on economic policy after a surprise change of prime minister. Financials were firmer with top lender the Commonwealth Bank of Australia soaring 2.8 percent while Westpac Banking Corp climbed 2 percent. The S&P/ASX 200 index added 79.6 points to finish at 4,811.3. The benchmark snapped a four-day losing streak and rose 1.6 percent on Wednesday. Elsewhere, defensives helped underpin the market. Consumer retail staples Woolworths Ltd and Wesfarmers Ltd climbed 3.1 percent and 2.4 percent respectively. Top telecommunications provider Telstra Ltd advanced 2.8 percent. Kevin Rudd was sworn in as Australian prime minister for the second time on Thursday, a day after toppling Julia Gillard and three months out from scheduled elections that the ruling Labor Party is tipped to lose. U.S. stocks rallied for a second day on Wednesday, recouping some recent losses on reduced concern that the Federal Reserve will begin to withdraw its stimulus in the near future. New Zealand's benchmark NZX 50 index rose 0.5 percent or 23.3 points to finish the session at 4,417. (Reporting by Thuy Ong; Editing by Shri Navaratnam)

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