Reuters: Hot Stocks: Australia shares should test 5-yr highs after Wall St's rise

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Australia shares should test 5-yr highs after Wall St's rise Oct 22nd 2013, 22:50 Share this Email Print Reprints SYDNEY | Tue Oct 22, 2013 6:50pm EDT SYDNEY Oct 23 (Reuters) - Australian shares are seen testing fresh five-year highs on Wednesday after Wall Street rose overnight and metals prices firmed, though investors may be cautious ahead of inflation data due later in the day. * Local share price index futures rose 0.6 percent, a 13.9-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 0.4 percent on Tuesday. * New Zealand's benchmark NZX 50 index rose 0.3 percent in early trade. * U.S. stocks climbed on Tuesday, pushing the S&P 500 to yet another record high, after weaker-than-expected job creation last month reinforced expectations the Federal Reserve will hold the course on its economic stimulus into next year. * Copper rose as the dollar fell and after the first U.S. jobs report in nearly two months suggested the economy had lost steam. Gold rose over 2 percent to a three-week high. * Second-quarter consumer inflation data is due out at 0030 GMT on Tuesday. * Pacific Brands, Origin Energy and AGL Energy Ltd will hold their annual general meetings today. ----------------------MARKET SNAPSHOT @ 2240 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1754.67 0.57% 10.010 USD/JPY 98.12 -0.01% -0.010 10-YR US TSY YLD 2.5106 -- 0.000 SPOT GOLD 1341.21 0.09% 1.170 US CRUDE 98.15 -0.15% -0.150 DOW JONES 15467.66 0.49% 75.46 ASIA ADRS 152.65 0.62% 0.94 ------------------------------------------------------------- * Wall St rises as jobs data supports Fed policy * Oil sinks below $98, Brent gap widest since April * Gold rallies to 3-week high after U.S. job data * Copper rises as dollar falls after U.S. jobs report 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 Bob Burgdorfer) Link this Share this Digg this Email Reprints

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