Reuters: Hot Stocks: Australia shares seen bouncing on strong Wall St, weaker A$

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Australia shares seen bouncing on strong Wall St, weaker A$ Jun 18th 2013, 23:13 Tweet Share this Email Print Related Topics Cyclical Consumer Goods » Tue Jun 18, 2013 7:13pm EDT SYDNEY, June 19 (Reuters) - Australian shares are expected to rebound on Wednesday, after Wall Street rose for a second straight day as investors bet the Federal Reserve will maintain its stimulus support for the world's biggest economy. A weaker Australian dollar may also benefit stocks with overseas exposure. * Local share price index futures rose 0.7 percent to 4,855.0, a 40.6-point premium to the underlying S&P/ASX 200 index close. The benchmark slipped 0.2 percent to 4,814.4 on Tuesday. * New Zealand's benchmark NZX 50 index slipped 0.2 percent to 4,454.0 in early trade. * U.S. stocks advanced for a second straight day on Tuesday as investors bet the Federal Reserve would temper statements which were interpreted to mean a sooner-than-expected winding down of stimulus efforts. * Copper fell to a 1-1/2 month low on Tuesday as investors waited for clarification from Fed Chairman Ben Bernanke on the central bank's plans for its monetary stimulus programme when a two-day policy meeting ends on Wednesday. * The Australian dollar stayed under pressure on Wednesday as investors sold it heavily against the euro on bets the Fed is creeping closer to the day when it will begin to scale back its stimulus program. * Sri Lanka is in the final stage of reaching a $350 million hotel and leisure resort deal with Australian gambling tycoon James Packer's Crown Ltd, the country's investment promotion minister said on Tuesday. * Malaysian gambling giant Genting Bhd has increased its stake in Australia's Echo Entertainment Group , just weeks after rival casino company Crown Ltd sold its 10 percent stake in Echo. * New Zealand's dominant television operator Sky Network Television Ltd dropped 5.6 percent after it confirmed it had failed a bid for English Premier League rights. ----------------------MARKET SNAPSHOT @ 2303 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1651.81 0.78% 12.770 USD/JPY 95.51 0.2% 0.190 10-YR US TSY YLD 2.1854 -- 0.000 SPOT GOLD 1367.9 0.01% 0.110 US CRUDE 98.54 0.10% 0.100 DOW JONES 15318.23 0.91% 138.38 ASIA ADRS 136.56 0.59% 0.79 ------------------------------------------------------------- * Wall St extends rise, investors see no change in Fed policy * Oil gains moderately, trading sluggish ahead of Fed * Gold down more than 1 pct on Fed jitters, equities up * Copper drops to 1-1/2 month low as market awaits Fed 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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