Reuters: Hot Stocks: Australia shares set to rise as US govt shutdown seen brief

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Australia shares set to rise as US govt shutdown seen brief Oct 1st 2013, 23:11 SYDNEY | Tue Oct 1, 2013 7:11pm EDT SYDNEY Oct 2 (Reuters) - Australian shares are seen opening higher on Wednesday after Wall Street gained overnight as investors believed the U.S. government shutdown would be short-lived, though a fall in metals prices may hurt mining stocks. * Local share price index futures rose 0.4 percent, a 25.2-point premium to the underlying S&P/ASX 200 index close. The benchmark slipped 0.2 percent in volatile trade on Tuesday. * New Zealand's benchmark NZX 50 index fell 0.1 percent in early trade. * U.S. stocks kicked off a new month and a new quarter with gains on Tuesday as investors, for now, appeared confident that the first partial government shutdown in nearly two decades would be short-lived. * The Democratic-led U.S. Senate on Tuesday voted to kill Republicans' latest attempts to modify an emergency government funding bill, stripping proposed amendments from the spending bill and sending back to the House a "clean" bill that would fund government agencies until Nov. 15. * Copper fell to its lowest in a week as the U.S. government shutdown reignited concerns about the world's largest economy and sparked a wave of fund and institutional selling, offsetting upbeat U.S. manufacturing data. Gold sank nearly 3 percent to its lowest level in almost two months. * Australian oil and gas exploration company Santos closed Bangladesh's only offshore gas field permanently due to its uncommercial level of production. * Australian building approvals and trade data are due out later in the day. ----------------------MARKET SNAPSHOT @ 2242 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1695 0.8% 13.450 USD/JPY 97.99 0.02% 0.020 10-YR US TSY YLD 2.65 -- 0.000 SPOT GOLD 1289.02 0.24% 3.030 US CRUDE 101.6 -0.43% -0.440 DOW JONES 15191.70 0.41% 62.03 ASIA ADRS 146.70 0.34% 0.49 ------------------------------------------------------------- * Wall St rebounds as govt shutdown seen short-lived * Oil prices lower as U.S. government remains shut down * Gold tumbles 3 pct, rattled by fund trade, govt shutdown * Copper hits one-week low on U.S. govt shutdown, fund selling 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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