Reuters: Hot Stocks: Australia shares seen climbing on bank earnings hopes

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Australia shares seen climbing on bank earnings hopes Oct 28th 2013, 21:42 Tweet Share this Email Print Reprints Mon Oct 28, 2013 5:42pm EDT MELBOURNE, Oct 29 (Reuters) - Australian shares are set to open a touch higher on Tuesday after Australia and New Zealand Banking Group kicked off bank reporting season by just beating market forecasts for its cash profit. * Local share price index futures inched up 0.1 percent to 5,434.0, a 7.4-point discount to the underlying S&P/ASX 200 index close. The benchmark jumped 1 percent on Monday to touch a new five-year high. * New Zealand's benchmark NZX 50 index picked up 3.5 points to 4,866.9 in early trade. * On Wall Street, the benchmark S&P 500 index closed at another record high on Monday as expectations were high that the U.S. Federal Reserve will keep its stimulus in place when it meets this week. * Aluminium touched the highest level in two months on Monday as traders said investors were betting that the London Metal Exchange (LME) would make changes to warehouse rules that would boost the price of the metal. Gold reached fresh five-week highs and copper was steady. * Australia and New Zealand Banking Group, the country's no.3 bank by market value, reported an 11 percent rise in full year cash profit to A$6.5 billion, slightly more than analysts' forecasts around A$6.4 billion. ------------------- MARKET SNAPSHOT @ 2133 GMT ----------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,762.11 0.13% 2.340 USD/JPY 97.66 0.01% 0.010 10-YR US TSY YLD 2.5233 -- 0.020 SPOT GOLD 1,352.14 -0.01% -0.140 US CRUDE 98.68 0.85% 0.830 DOW JONES 15,568.93 -0.01% -1.35 ASIA ADRS 149.39 -0.05% -0.08 ---------------------------------------------------------------- * S&P 500 ends at record on Fed hopes, Dow, Nasdaq flat * Brent gains on lower Libyan supply * Gold gains as investors bet on continued Fed stimulus * Aluminium hits 2-month high as new LME rules expected For a digest of the day's business stories in Australian newspapers, double-click on (Editing by G Crosse) 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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