Reuters: Hot Stocks: Australia shares set to inch up, caution prevails ahead of Fed meeting

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Australia shares set to inch up, caution prevails ahead of Fed meeting Jul 28th 2013, 23:15 SYDNEY, July 29 | Sun Jul 28, 2013 7:15pm EDT SYDNEY, July 29 (Reuters) - Australian shares are set to start higher on Monday, with strong gains by top miner BHP Billiton Ltd in offshore trading likely underpinning the market, but investors will remain cautious ahead of the U.S. Federal Reserve's policy-setting meeting this week. * Local share price index futures added 0.2 percent to 5,016.0, but were at a 26.0-point discount to the underlying S&P/ASX 200 index close. The benchmark edged up 0.1 percent on Friday to its highest close in two months. * New Zealand's benchmark NZX 50 index fell 0.2 percent to 4,573.1 in early trade. * U.S. stocks erased losses late in Friday's session to close slightly higher on investors' optimism about the likelihood that the Federal Reserve will keep its easy money policy in play a while longer. * The Fed's policy statement on Wednesday will be closely scrutinized by markets for clarity on when it will begin to taper its massive stimulus. * Copper fell for a second straight day on Friday, as concerns about growth in top consumer China weighed on the outlook for industrial metals demand, but a weak dollar prevented further losses. * Spot iron ore prices were steady near three-month highs on Friday, though the upward momentum slackened this week as restocking by Chinese steel mills slowed. * Transpacific Industries Group said it had sold its Commercial Vehicles group to Penske Automotive Group for A$219 million. ----------------------MARKET SNAPSHOT @ 2253 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1691.65 0.08% 1.400 USD/JPY 98.07 -0.18% -0.180 10-YR US TSY YLD 2.5643 -- 0.000 SPOT GOLD 1334.66 0.10% 1.370 US CRUDE 104.57 -0.12% -0.130 DOW JONES 15558.83 0.02% 3.22 ASIA ADRS 140.33 -1.35% -1.91 ------------------------------------------------------------- * Wall St wipes out losses late to end with slim gain * Oil slips on worries about Chinese demand * Gold posts 3 percent weekly gain, Fed comment eyed * Copper falls as concerns over China's growth weigh 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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