Reuters: Hot Stocks: Australia shares seen rising on firmer metals, CommBank

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Australia shares seen rising on firmer metals, CommBank Aug 13th 2013, 23:13 SYDNEY | Tue Aug 13, 2013 7:13pm EDT SYDNEY Aug 14 (Reuters) - Australian shares are seen rising on Wednesday, boosted by a robust earnings report from the Commonwealth Bank of Australia, a rise on Wall Street overnight and firmer iron ore and base metal prices. * Local share price index futures rose 0.3 percent but were still at a 24.7-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 1 percent on Tuesday to 2-1/2 month highs. * New Zealand's benchmark NZX 50 index fell 0.2 percent in early trade. * Commonwealth Bank of Australia, the nation's biggest lender by market value, reported record annual cash profit of A$7.82 billion ($7.1 billion), with second-half results beating forecasts. * Other companies to report results include Southern Cross Media Group Ltd, CSL Ltd, Goodman Fielder Ltd and Leighton Holdings Ltd. * Wall St rose after strong economic data including retail sales, while Apple boosted the Nasdaq after billionaire investor Carl Icahn revealed a long position in the stock. * Copper touched its highest level in more than nine weeks as further signals that supply in China was tighter than expected prompted investors to buy, but gains were capped by a firm dollar. Gold fell 1 percent. * Spot iron ore prices climbed to their highest in five months and Chinese steel futures rose for a sixth consecutive session on Tuesday, on the back of heavy steel restocking in top consumer China fuelled by an improvement of its property sector. * Consumer sentiment and second quarter wage inflation data are due out later on Wednesday. A high result in wage inflation could suggest there is less scope for further policy easing than thought. ----------------------MARKET SNAPSHOT @ 2258 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1694.16 0.28% 4.690 USD/JPY 98.27 0.07% 0.070 10-YR US TSY YLD 2.7208 -- 0.000 SPOT GOLD 1322.45 0.13% 1.760 US CRUDE 106.55 -0.26% -0.280 DOW JONES 15451.01 0.20% 31.33 ASIA ADRS 143.03 0.87% 1.24 ------------------------------------------------------------- * Wall St rises on economic data, Apple rallies * Oil up for third session on Libya, Iraq * Gold down 1 pct on US retail data, India duty hike * Copper hits 9-week high as China supply tightens 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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