Reuters: Hot Stocks: Australia shares seen testing 5-yr highs, caution on US Fed

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Australia shares seen testing 5-yr highs, caution on US Fed Sep 15th 2013, 23:03 SYDNEY, Sept 16 | Sun Sep 15, 2013 7:03pm EDT SYDNEY, Sept 16 (Reuters) - Australian shares are expected to test five-year highs on Monday, after Wall Street rose and metal prices posted modest gains, however trading may be subdued as investors await the U.S. Fed Reserve meeting due later in the week. * Local share price index futures rose 0.2 percent, an 18.4-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 1.5 percent last week, its fifth consecutive session of gains. * New Zealand's benchmark NZX 50 index edged 0.1 percent higher in early trade. * U.S. stocks rose on Friday and the Dow registered its best weekly gain since January, though trading was subdued ahead of the Federal Reserve's expected reduction of stimulus measures later this week. * Copper hovered in a tight range, headed for their third weekly fall out of four as investors were wary ahead of the Federal Reserve's meeting. * Gold rebounded on late bargain hunting, but posted its largest weekly loss since late June. * Discovery Metals 's deadline, extended for the third time, for recommending a takeover offer is due today. ----------------------MARKET SNAPSHOT @ 2253 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1687.99 0.27% 4.570 USD/JPY 98.91 -0.43% -0.430 10-YR US TSY YLD 2.8902 -- 0.000 SPOT GOLD 1333.66 0.56% 7.400 US CRUDE 107.34 -0.80% -0.870 DOW JONES 15376.06 0.49% 75.42 ASIA ADRS 145.20 0.14% 0.21 ------------------------------------------------------------- * Wall St ends up; Dow posts best weekly gain since Jan * Oil creeps higher with market on edge over Syria * Gold Rebounds but logs biggest weekly loss since June * Copper flat ahead of Fed, lead tumbles as stocks surge 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 Stacey Joyce) Link this Share this Digg this Email Reprints

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