Reuters: Hot Stocks: Australia shares seen steady, await clarity on Fed policy

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Australia shares seen steady, await clarity on Fed policy Jul 29th 2013, 23:08 Tweet Share this Email Print Mon Jul 29, 2013 7:08pm EDT MELBOURNE, July 30 (Reuters) - Australian shares are set to open steady on Tuesday as investors tread water ahead of a U.S. Federal Reserve statement which could shed light on when the central bank may start rolling back its stimulus effort. * Local stock index futures rose 0.1 percent to 5,014.0, but that was a 32.3-point discount to the underlying S&P/ASX 200 index close. The benchmark crept up 0.1 percent on Monday. * New Zealand's benchmark NZX 50 index rose 0.1 percent to 4,572.4 in early trade. * U.S. stocks fell on Monday, pulling back before Wednesday's outcome of the Federal Reserve meeting that could signal when the Fed is going to begin reducing its bond purchases aimed at helping the economic recovery. * Copper steadied after hitting a near three-week low on Monday on concerns about top consumer China's economy, with expectations the Fed will reaffirm its pledge to keep U.S. interest rates near zero underpinning prices. * Woolworths is due to report its fourth quarter sales. Australia's top supermarkets group recently tweaked up its profit forecast to expect net profit for the year to June 2013 to rise 5-6 percent from a year earlier. * Sundance Resources said it expects to wrap up talks with potential partners by the end of 2013 to fund its $4.7 billion Mbalam-Nabeba iron ore project between Cameroon and the Republic of Congo. That is about six months later than the company flagged to Reuters in May. ----------------------MARKET SNAPSHOT @ 2248 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1685.33 -0.37% -6.320 USD/JPY 97.9 -0.04% -0.040 10-YR US TSY YLD 2.5985 -- 0.000 SPOT GOLD 1326.48 -0.04% -0.510 US CRUDE 104.4 -0.14% -0.150 DOW JONES 15521.97 -0.24% -36.86 ASIA ADRS 138.36 -1.41% -1.97 ------------------------------------------------------------- * Wall St declines as investors focus on Fed meeting * Oil steadies after weekly slide, Europe outages support * Gold eases after 3-week gain, investors await Fed meet * Copper steady near 3-week low, China worries 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 Sonali Paul; 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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