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Australia shares seen higher on Wall St rally, stronger iron ore prices
April 9, 2013 / 11:14 PM / 5 years ago

Australia shares seen higher on Wall St rally, stronger iron ore prices

SYDNEY, April 10 (Reuters) - Australian shares are set to
open firmer after a rally on Wall Street overnight and with
stronger iron ore prices lending support to miners, but gains
could be capped by investor worries over geopolitical tensions
on the Korean peninsula.
    * Local share price index futures added 0.2 percent
to 4.980, a 3.2-point premium to the underlying S&P/ASX 200
index close. The benchmark jumped 1.5 percent on
Tuesday.
    * New Zealand's benchmark NZX 50 index inched up 0.2
percent to 4,406.0 in early trade.
    * U.S. stocks advanced on Tuesday, with the Dow closing at a
record high on a rally in cyclical shares and as earnings season
started to heat up. 
    * Copper hit its highest since late March on Tuesday after
Chinese inflation data suggested Beijing would maintain an
accommodative monetary policy, underpinning a steady but modest
seasonal recovery in metal demand. 
    * Shanghai steel futures rose for a third straight session
on Tuesday amid signs that demand in top consumer China is
picking up, lifting iron ore prices to near one-month highs as
mills stocked up on the raw material. 
    * Demand from China's steel sector remains sufficient to
justify the ambitious expansion plans of global iron ore miners,
despite concerns about a growing supply glut, a top official of
Australian miner Atlas Iron said on Tuesday.
 
    * Rio Tinto Plc  is having productive talks
with the Mongolian government over the investment agreement for
its Oyu Tolgoi project in the Central Asian nation, the chief
executive of the global miner's copper division said on Tuesday.
 
    * Australian surfwear company Billabong International Ltd
 will enter 10 days of exclusive talks with a consortium
led by its former U.S. boss after the group cut its indicative
takeover proposal by 45 percent to $300 million. 
    * Australia's consumer sentiment data for April is due at
0030GMT. 

----------------------MARKET SNAPSHOT @ 2255 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1568.61      0.35%     5.540
USD/JPY                   99.12         0.1%     0.100
10-YR US TSY YLD     1.752           --     0.000
SPOT GOLD                 1585.81      0.07%     1.110
US CRUDE                  93.99       -0.22%    -0.210
DOW JONES                 14673.46     0.41%     59.98
ASIA ADRS                137.13       0.24%      0.32
-------------------------------------------------------------   
                                                        
           
  * Dow ends at another record close as cyclicals rally    
  * Oil rises on weak dollar, Brent-WTI spreads widens     
  * Gold up on volatile currency moves but weakness seen  
  * Copper climbs to near 2-week high; China data buoys  
    
    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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