Australia shares seen bouncing back, eyes on corporate earnings

Tue Feb 4, 2014 4:59pm EST

SYDNEY, Feb 5 (Reuters) - Australian shares are set to
bounce back on Wednesday, following a rise on Wall Street buoyed
by encouraging corporate results, while investors also turn to
the local reporting season for earnings updates.
    
    * Local share price index futures edged up 0.1
percent to 5,053.0, which is still a 44.1-point discount to the
underlying S&P/ASX 200 index on Tuesday. The benchmark
tumbled 1.8 percent in the last session in the biggest daily
drop in six months. 
    * New Zealand's benchmark NZX 50 index rose 0.6
percent to 4,829.4 in early trade.
    * U.S. stocks rebounded on Tuesday, buoyed by encouraging
earnings, as the market attempted to steady in the wake of its
largest selloff in months a day earlier.
    * Copper steadied on Tuesday after hitting a fresh two-month
low, as investors weighed near-term supply tightness against
tepid U.S. and Chinese factory data and an emerging markets
selloff.
    * Britain's Virgin Atlantic Airways will halt
operations between Sydney and Hong Kong from May 5 because the
route is no longer profitable, the company said on
Tuesday. 
    * U.S. agribusiness giant Archer Daniels Midland Co 
said on Tuesday it remained committed to expanding its global
reach to satisfy Asia's fast-growing demand for food, despite a
failed bid to acquire Australian grain handler GrainCorp Ltd
. 
    * Echo Entertainment Group, which will lose its
exclusive gaming license in Sydney in late 2019 to larger rival
Crown Resorts Ltd, is due to release its results later
in the session.
     
----------------------MARKET SNAPSHOT @ 2155 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1755.2       0.76%    13.310
USD/JPY                   101.64       0.66%     0.670
10-YR US TSY YLD     2.6312          --     0.049
SPOT GOLD                 1254.56      0.00%    -0.040
US CRUDE                  97.6         1.21%     1.170
DOW JONES                 15445.24     0.47%     72.44
ASIA ADRS                136.81       0.79%      1.07
-------------------------------------------------------------   
                                                        
 
        
  * Wall St ends up a day after sharp selloff              
  * Brent falls on emerging markets, U.S. oil rises on cold 
 
  * Gold falls as U.S. equities rally, dollar gain weighs       
                                          
  * Copper rises off 2-month lows as tight supply suggests gains
                                           
    
    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)