Reuters: Hot Stocks: Australia shares seen positive on Wall St gain, gold slumps

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Australia shares seen positive on Wall St gain, gold slumps Jun 27th 2013, 23:26 SYDNEY, June 28 | Thu Jun 27, 2013 7:26pm EDT SYDNEY, June 28 (Reuters) - Australian shares are set to open with a positive tone on Friday as easing concerns about a quick wind-back in U.S. economic stimulus measures boosted Wall Street, although gold miners will be hurt by another slump in the precious metal. * Local share price index futures rose 0.5 percent but were still at a 15.3-point discount to the underlying S&P/ASX 200 index close. The benchmark jumped 1.7 percent on Thursday, its biggest one-day jump in two weeks. * The index is on track to end the week with a gain, but is currently down more than 2 percent for the month and just over 3 percent for the quarter. * New Zealand's benchmark NZX 50 index rose 0.5 percent in early trade. * U.S. stocks climbed for a third straight day on Thursday after comments from several Federal Reserve officials soothed concerns that the central bank would begin to reduce its stimulus efforts in the near future. * Gold sank 2 percent, as month-end book squaring and relentless liquidation by institutional investors sent bullion prices below $1,200 per ounce for the first time in nearly three years. * Copper steadied on Thursday after a 1 percent loss in the previous session, as worries over China's credit crunch eased and on expectations that the U.S. and EU central banks will not rush to reduce their stimulus programmes. * Shanghai steel futures rose on Thursday after a three-day fall, with iron ore swaps also gaining on expectations that recent declines in spot prices would lure Chinese mills back into the market. * Australia private sector credit for May is due later on Friday. Demand for credit from households has increased recently thanks to low interest rates, but business demand has remained subdued. ----------------------MARKET SNAPSHOT @ 2218 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1613.2 0.62% 9.940 USD/JPY 98.38 0.04% 0.040 10-YR US TSY YLD 2.474 -- 0.000 SPOT GOLD 1201.75 0.19% 2.260 US CRUDE 96.87 -0.19% -0.180 DOW JONES 15024.49 0.77% 114.35 ASIA ADRS 133.46 1.86% 2.43 ------------------------------------------------------------- * Wall St rallies for third day as Fed concerns fade * Oil rises amid talk Fed will continue stimulus for now * Gold sinks below $1,200 for the first time in nearly 3 years * Copper steady, China credit worries subside For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Thuy Ong; Editing by Richard Pullin) Link this Share this Digg this Email Reprints

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