Australia shares seen posting modest gains on Wall Street

Thu Oct 24, 2013 5:28pm EDT

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SYDNEY, Oct 25 (Reuters) - Australian shares are seen
posting modest gains after Wall Street rose overnight on
continued stimulus hopes, though investors may seek to take
profit as the benchmark nears five-year highs.
    
    * Local share price index futures rose 0.1 percent,
a 5.1-point premium to the underlying S&P/ASX 200 index 
close. The benchmark rose 0.3 percent on Thursday. 
    * New Zealand's benchmark NZX 50 index rose 0.4
percent in early trade.
    * U.S. stocks resumed their move up on Thursday as economic
data underscored views U.S. monetary stimulus will be in place
for the foreseeable future and earnings offered some upbeat
news.
    * Copper dipped to its lowest level in nearly two weeks on
Thursday as persistent concerns about credit tightening in top
metals consumer China offset upbeat manufacturing growth there. 
    * Gold rose 1 percent overnight, breaking above $1,350 an
ounce for the first time in more than a month, on rekindled
buying prompted by expectations the Federal Reserve will
continue its monetary stimulus due to disappointing U.S. jobless
claims data.
    * Mining company BHP Billiton Ltd said it was still
in talks to sell its stake in a major iron ore deposit in
Guinea, despite lengthy negotiations that have prompted
questions over the potential for a deal. 
    * Whitehaven Coal Ltd is due to release its
quarterly production report on Friday. 
    
----------------------MARKET SNAPSHOT @ 2122 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1752.07      0.33%     5.690
USD/JPY                   97.28        0.01%     0.010
10-YR US TSY YLD     2.5197          --     0.035
SPOT GOLD                 1346.55      1.11%    14.810
US CRUDE                  97.22        0.37%     0.360
DOW JONES                 15509.21     0.62%     95.88
ASIA ADRS                150.48       0.48%      0.72
-------------------------------------------------------------   
                                                        

        
  * Wall St ends higher, resuming upward trend on Fed    
  * US oil prices rise, Brent/WTI narrows                
  * Gold up 1.4 pct, above $1,350/oz                     
  * Copper falls on Chinese credit worries               
    
    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 Leslie Gevirtz)
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