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Australia shares seen extending gains on post-election, China optimism
September 11, 2013 / 11:15 PM / 4 years ago

Australia shares seen extending gains on post-election, China optimism

SYDNEY, Sept 12 (Reuters) - Australian shares look set to extend their gains on Thursday, as post-election optimism and growing signs of China’s economic strength continue to spur investor confidence.

* Local share price index futures rose 0.2 percent to 5,243, a 8.6-point premium to the underlying S&P/ASX 200 index close. The benchmark advanced 0.6 percent to a five-year closing high on Wednesday.

* The New Zealand central bank held its benchmark cash rate steady at 2.5 percent on Thursday, and said it expected to hold rates for the rest of the year although it warned higher rates will be needed next year to cope with an expected lift in inflation pressures from the housing and building sectors.

* New Zealand’s benchmark NZX 50 index was nearly flat at 4,635.9 in early trade.

* U.S. stocks closed higher on Wednesday, with the S&P 500 up for a seventh straight day, as geopolitical fears eased amid diplomatic efforts to allow Syria to surrender its chemical weapons, averting a U.S. military strike.

* Copper was steady on Wednesday as prospects for improved strength in China’s economy and reduced risk of a U.S. strike on Syria, offset concern about growing stockpiles of the metal and U.S. plans to taper monetary stimulus.

* The top copper marketing executive at Rio Tinto Ltd will take over as the head of Oyu Tolgoi, the giant Mongolian copper and gold mine controlled by Rio Tinto, Oyu Tolgoi said on Wednesday.

* Australia’s biggest department store Myer Holdings Ltd will announce its full year results on Thursday.

----------------------MARKET SNAPSHOT @ 2302 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1689.13 0.31% 5.140 USD/JPY 99.87 0.02% 0.020 10-YR US TSY YLD 2.9121 -- 0.000 SPOT GOLD 1363.86 -0.17% -2.280 US CRUDE 107.67 0.10% 0.110 DOW JONES 15326.60 0.89% 135.54 ASIA ADRS 146.26 -0.42% -0.61 -------------------------------------------------------------

* Wall St rises on Syria talks, Apple falls further * Oil edges higher as U.S. pursues diplomacy for Syria * Gold slips as Syria worries ease, Fed in fucus * Copper steady on China data, growing stockpiles weigh

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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