Reuters: Hot Stocks: Australia shares seen posting modest gains on Wall St, Bernanke

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Australia shares seen posting modest gains on Wall St, Bernanke Jul 18th 2013, 23:18 SYDNEY, July 19 | Thu Jul 18, 2013 7:18pm EDT SYDNEY, July 19 (Reuters) - Australian shares are set to rise on Friday after Wall Street hit fresh highs on better-than-expected earnings and reassuring comments from Federal Reserve Chairman Ben Bernanke on economic stimulus. * Local share price index futures rose 0.4 percent, but were still at a 21.4-point discount to the underlying S&P/ASX 200 index close at 4,993.4. The benchmark rose 0.2 percent on Thursday. * New Zealand's benchmark NZX 50 index rose 0.3 percent in early trade. * The Dow and the S&P 500 closed at record highs after Morgan Stanley and others reported better-than-expected earnings and Fed Chairman Bernanke reiterated that the timeline for winding down the Fed's stimulus program was not set in stone. * Copper recovered form a one-week low, helped by strong U.S. economic data and Bernanke's comments, but the metal was under pressure from a firmer dollar and oversupply worries. * Gold rose, as gains in crude oil prices and short-covering triggered a rebound rally from the previous day's losses, sparked by Bernanke's comments on Wednesday. * An environmental group has gone to court to overturn the Australian government's approval of two of Whitehaven Coal Ltd's mines, which could stall its biggest growth project, Maules Creek. * Billabong International Ltd said late Thursday that it could not accept a proposal that the struggling surfwear company received from a Centerbridge/Oaktree consortium. * Santos Ltd and Yancoal Australia Ltd will both release their quarterly production reports later. ----------------------MARKET SNAPSHOT @ 2258 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1689.37 0.5% 8.460 USD/JPY 100.5 0.1% 0.100 10-YR US TSY YLD 2.534 -- 0.000 SPOT GOLD 1283.64 -0.07% -0.850 US CRUDE 108.24 0.19% 0.200 DOW JONES 15548.54 0.50% 78.02 ASIA ADRS 142.11 -0.09% -0.13 ------------------------------------------------------------- * Dow, S&P 500 end at all-time highs on earnings, Bernanke * US crude hits 16-mth high above $108 * Gold rebounds on crude oil gains, short-covering * Copper steady as Fed reassures markets on policy 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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