Reuters: Hot Stocks: Australia shares seen rising as Fed Reserve signals modest tapering

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Australia shares seen rising as Fed Reserve signals modest tapering Sep 17th 2013, 23:04 SYDNEY, Sept 18 | Tue Sep 17, 2013 7:04pm EDT SYDNEY, Sept 18 (Reuters) - Australian shares are seen inching higher on Wednesday as Wall Street rose overnight on expectations the Federal Reserve will only scale back it stimulus modestly, while a rise in metals prices may lend some support to miners. * Local share price index futures rose 0.1 percent, a 10.8-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 0.1 percent. * New Zealand's benchmark NZX 50 index was flat in early trade. * U.S. stocks advanced on Tuesday on expectations the Federal Reserve will make only moderate changes to its stimulus, which has been highly supportive of stocks and other assets, at the conclusion of its two-day meeting. * The policy-setting Federal Open Market Committee began meeting on Tuesday and many investors expect Fed chairman Ben Bernanke will announce a scale-back of purchases by $10 billion a month to $75 billion, while keeping interest rates close to zero. * Copper steadied above a five-week low in cautious trade ahead of the FOMC meeting. * Gold fell on Tuesday on muted U.S. inflation data and as investors braced for the expected announcement by the Federal Reserve. ----------------------MARKET SNAPSHOT @ 2243 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1704.76 0.42% 7.160 USD/JPY 99.15 0.04% 0.040 10-YR US TSY YLD 2.8495 -- 0.000 SPOT GOLD 1307.84 -0.09% -1.200 US CRUDE 105.6 0.17% 0.180 DOW JONES 15529.73 0.23% 34.95 ASIA ADRS 146.55 0.15% 0.22 ------------------------------------------------------------- * Wall St climbs on expectations for modest Fed taper * Brent ends at six-week low as fears over Syria fade * Gold slips on tame US inflation, market braces for Fed * Copper flat as investors await Fed decision on stimulus 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 Jackie Frank) Link this Share this Digg this Email Reprints

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