Reuters: Hot Stocks: Australia shares may pull back from 5-yr highs, focus on RBA minutes, Fed

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Australia shares may pull back from 5-yr highs, focus on RBA minutes, Fed Sep 16th 2013, 23:12 SYDNEY, Sept 17 | Mon Sep 16, 2013 7:12pm EDT SYDNEY, Sept 17 (Reuters) - Australian shares may step back from 5-year highs on Tuesday ahead of the release of minutes of the Reserve Bank of Australia's (RBA) last meeting, while investors also remain wary of the U.S. Federal Reserve's decision on stimulus tapering on Wednesday. * Local share price index futures fell 0.3 percent, a 10-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.5 percent to close at their highest in more than 5 years on Monday. * New Zealand's benchmark NZX 50 index was flat in early trade after hitting all-time highs on Monday. * U.S. stocks advanced on Monday after former Treasury Secretary Lawrence Summers withdrew as a candidate for Federal Reserve chairman, lifting some market uncertainty about what was heading towards a contentious confirmation process. * Copper lifted from the five-week low hit in the previous session as investor appetite for risk improved on expectations of a diplomatic solution to the Syria crisis and the dollar fell. * Gold fell 1 percent after the bullion market failed to maintain a rally set off by former Treasury Secretary Lawrence Summer's decision. * The Reserve Bank of Australia will release the minutes of its Sept.3 policy meeting later on Tuesday. The central bank kept the cash rate unchanged at 2.5 percent. *On Wednesday, the Fed decides on when and by how much to trim its massive bond-buying stimulus, which has been a major support for global risk assets over the last few years. ----------------------MARKET SNAPSHOT @ 2248 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1697.6 0.57% 9.610 USD/JPY 99.02 -0.03% -0.030 10-YR US TSY YLD 2.8624 -- 0.000 SPOT GOLD 1311.41 -0.15% -1.980 US CRUDE 106.05 -0.51% -0.540 DOW JONES 15494.78 0.77% 118.72 ASIA ADRS 146.33 0.78% 1.13 ------------------------------------------------------------- * Wall St up on Summers' withdrawal; Obama curbs gains * Oil falls as Middle East tensions recede * Gold down 1 pct as traders focus on US Fed tapering * Copper above 5-wk low as Syria worry eases, dollar falls 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 Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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