July 17, 2013 / 11:09 PM / 4 years ago

Australia shares seen up on Bernanke comments, miners may cap gains

SYDNEY, July 18 (Reuters) - Australian shares may post modest gains on Thursday after U.S. Federal Reserve Chairman Ben Bernanke said the timeline for winding down stimulus was not set in stone, but a fall in metals prices may weigh on resource stocks.

* Local share price index futures rose 0.5 percent, but that still represents an 18.7-point discount to the underlying S&P/ASX 200 index close. The benchmark slipped 0.1 percent on Wednesday.

* New Zealand’s benchmark NZX 50 index rose 0.2 percent in early trade.

* U.S. stocks ended modestly higher on Wednesday after Bernanke said the U.S. central bank still expects to start scaling back its massive bond-buying program later this year, but the timeline depended on the economic outlook.

* Copper slipped to its lowest price in a week on Wednesday after the dollar strengthened on fresh comments about scaling back the U.S. stimulus programme and following news of a sharp increase in output at the world’s biggest copper mine.

* Gold fell more than 1 percent after Federal Reserve chief Ben Bernanke said the U.S. central bank still expects to start scaling back its massive bond purchase program later this year.

* Santos Ltd and Woodside Petroleum Ltd will both release their production reports later on Thursday.

----------------------MARKET SNAPSHOT @ 2255 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1680.91 0.28% 4.650 USD/JPY 99.67 0.1% 0.100 10-YR US TSY YLD 2.4907 -- 0.000 SPOT GOLD 1274.91 -0.04% -0.480 US CRUDE 106.45 -0.03% -0.030 DOW JONES 15470.52 0.12% 18.67 ASIA ADRS 142.24 0.69% 0.98 -------------------------------------------------------------

* Wall St gets a lift from Bernanke’s flexible Fed view * Oil rises as U.S. inventories drop again, gasoline off * Gold tumbles as Bernanke sees Fed tapering this year * Copper hits week low after Bernanke, rise in mine output

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 Edwina Gibbs

Our Standards:The Thomson Reuters Trust Principles.
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