Reuters: Hot Stocks: Australia shares set to rise on Fed, China optimism; metal prices help

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Australia shares set to rise on Fed, China optimism; metal prices help Jul 21st 2013, 23:17 SYDNEY, July 22 | Sun Jul 21, 2013 7:17pm EDT SYDNEY, July 22 (Reuters) - Australian shares are expected to open higher on Monday, supported by last week's reassurance by the Federal Reserve on its stimulus measures and China's decision to remove controls on bank lending rates. Firmer iron ore and metal prices were also likely to help miners. *Local share price index futures rose 0.4 percent to 4,963, which was still at a 9.1-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.4 percent on Friday. * New Zealand's benchmark NZX 50 index edged up 0.1 percent to 4,542.2 in early trade. * The Dow and Nasdaq stock gauges fell on Friday as disappointing results from Microsoft and Google dragged on the market, while the S&P 500 index edged up to end at a second straight record high. * In a move that could help support its economy, China's central bank removed controls on bank lending rates On Friday, signaling the new leadership's determination to carry out market-oriented reforms. * Copper was steady on Friday, propped up by a weak dollar and reassurance that the Federal Reserve would be flexible in scaling back stimulus measures, but capped by concern over demand. * Spot iron ore prices rose to their highest level on Friday since late April and are set to stretch their gains to a third straight week, spurred by Chinese mills boosting stockpiles and traders betting on further price increases. China is Australia's biggest export market. * Australia's takeover regulator on Friday declined a request from Oaktree Capital Management and Centerbridge Partners to delay a $359 million refinancing deal surfwear for company Billabong International Ltd on anti-trust concerns. * BC Iron reported record quarterly iron ore production for the June quarter on Monday. ----------------------MARKET SNAPSHOT @ 2257 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1692.09 0.16% 2.720 USD/JPY 100.41 -0.23% -0.230 10-YR US TSY YLD 2.4821 -- 0.000 SPOT GOLD 1313.6 1.38% 17.860 US CRUDE 108.37 0.30% 0.320 DOW JONES 15543.74 -0.03% -4.80 ASIA ADRS 141.87 -0.17% -0.24 ------------------------------------------------------------- * Nasdaq, Dow slip on tech weakness, S&P 500 edges up * US crude trades above Brent for first time in 3-years * Gold up 2nd straight week on Fed stimulus reassurance * Copper steady as Fed assurance offsets demand concerns 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) Link this Share this Digg this Email Reprints

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