June 18, 2013 / 11:13 PM / 4 years ago

Australia shares seen bouncing on strong Wall St, weaker A$

SYDNEY, June 19 (Reuters) - Australian shares are expected
to rebound on Wednesday, after Wall Street rose for a second
straight day as investors bet the Federal Reserve will maintain
its stimulus support for the world's biggest economy.
    A weaker Australian dollar may also benefit stocks with
overseas exposure.
    
    * Local share price index futures rose 0.7 percent
to 4,855.0, a 40.6-point premium to the underlying S&P/ASX 200
index close. The benchmark slipped 0.2 percent to
4,814.4 on Tuesday.
    * New Zealand's benchmark NZX 50 index slipped 0.2
percent to 4,454.0 in early trade.
    * U.S. stocks advanced for a second straight day on Tuesday
as investors bet the Federal Reserve would temper statements
which were interpreted to mean a sooner-than-expected winding
down of stimulus efforts. 
    * Copper fell to a 1-1/2 month low on Tuesday as investors
waited for clarification from Fed Chairman Ben Bernanke on the
central bank's plans for its monetary stimulus programme when a
two-day policy meeting ends on Wednesday.
    * The Australian dollar stayed under pressure on Wednesday
as investors sold it heavily against the euro on bets the Fed is
creeping closer to the day when it will begin to scale back its
stimulus program. 
    * Sri Lanka is in the final stage of reaching a $350 million
hotel and leisure resort deal with Australian gambling tycoon
James Packer's Crown Ltd, the country's investment
promotion minister said on Tuesday. 
    * Malaysian gambling giant Genting Bhd has
increased its stake in Australia's Echo Entertainment Group
, just weeks after rival casino company Crown Ltd
 sold its 10 percent stake in Echo. 
    *  New Zealand's dominant television operator Sky Network
Television Ltd dropped 5.6 percent after it confirmed
it had failed a bid for English Premier League rights.
 
    
----------------------MARKET SNAPSHOT @ 2303 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1651.81      0.78%    12.770
USD/JPY                   95.51         0.2%     0.190
10-YR US TSY YLD     2.1854          --     0.000
SPOT GOLD                 1367.9       0.01%     0.110
US CRUDE                  98.54        0.10%     0.100
DOW JONES                 15318.23     0.91%    138.38
ASIA ADRS                136.56       0.59%      0.79
-------------------------------------------------------------   
                                                        

        
  * Wall St extends rise, investors see no change in Fed
policy 
  * Oil gains moderately, trading sluggish ahead of Fed    
  * Gold down more than 1 pct on Fed jitters, equities up 
  * Copper drops to 1-1/2 month low as market awaits Fed 
    
    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; Editing by Shri Navaratnam)

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