Reuters: Hot Stocks: Australia shares seen extending gains on China growth, U.S. earnings

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Australia shares seen extending gains on China growth, U.S. earnings Oct 20th 2013, 21:47 Tweet Share this Email Print Reprints Sun Oct 20, 2013 5:47pm EDT SYDNEY, Oct 21 (Reuters) - Australian stocks were seen opening higher on Monday, extending gains following news of improving economic growth in China and after some U.S. companies reported stronger-than-expected earnings after Washington reached a deal to avoid a debt default. * Local stock index futures gained 0.4 percent to 5,343, a 21.5-point premium to the underlying S&P/ASX 200 index . The benchmark rose 0.7 percent on Friday to 5,321.5, the highest closing level since June 2008. * New Zealand's benchmark NZX 50 index rose 0.3 percent to 4,770.5 in early trade. * The S&P 500 closed at a record high for the second straight day on Friday to cap its biggest weekly gain in three months as stronger-than-expected earnings from Google, Morgan Stanley and others allayed worry that earnings growth was faltering. * Copper prices rose slightly on Friday, supported by data showing China's economy expanded as forecast in the third quarter, although concerns that the faster growth may be temporary limited gains. * Gold fell on Friday as investors took profits after the previous session's 3 percent rally on expectations the partial U.S. government shutdown would lead the Federal Reserve to postpone tapering of its bond-buying stimulus. ----------------------MARKET SNAPSHOT @ 2124 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1744.5 0.65% 11.350 USD/JPY 97.83 -0.19% -0.190 10-YR US TSY YLD 2.5831 -- 0.000 SPOT GOLD 1315.77 0.00% 0.000 US CRUDE 100.81 0.14% 0.140 DOW JONES 15399.65 0.18% 28.00 ASIA ADRS 152.33 0.74% 1.11 ------------------------------------------------------------- * S&P breaks record, Google's stock tops $1,000 on earnings * Oil rises on weak dollar, Chinese growth data * Gold drops on profit taking, posts biggest weekly gain in 2 months * Copper up on China's GDP growth, weaker outlook caps rise 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 Maggie Lu Yueyang) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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