Australia shares seen shored up by miners on U.S. momentum

Mon Mar 17, 2014 5:30pm EDT

MELBOURNE, March 18 (Reuters) - Australian shares are set to
open higher on Tuesday, rebounding off a one-month low with
major miners finding support after U.S. manufacturing in
February beat forecasts.
    
    * Share price index futures rose 0.4 percent to
5,345.0, a 27.4-point premium to the underlying S&P/ASX 200
index. The benchmark fell 0.2 percent on Monday to
5,317.6.
    * New Zealand's benchmark NZX 50 index rose 0.3
percent in early trade.
    * U.S. stocks climbed on Monday, with the S&P 500 bouncing
from its worst weekly drop in the past seven, as investors'
concerns eased over the situation in Crimea, while economic data
indicated the economy was improving after a winter slowdown.
    * Copper was steady on Monday with buyers attracted by low
prices after a sharp drop last week, but persistent concerns
about top consumer China's growth outlook meant the metal
remained close to the four-year low it hit last week. Gold fell
1.2 percent.
    * U.S. manufacturing output recorded its largest increase in
six months in February and factory activity in New York state
expanded early this month, the latest signs that the U.S.
economy was gaining momentum after being dampened by severe
weather. 
    * The Reserve Bank of Australia is due to release the
minutes from its March 4 meeting on Tuesday. That will be
closely watched for any commentary on labour market conditions,
after Westpac economists on Monday dropped their expectations
for any more rate cuts due to a pick-up in jobs.
        
----------------------MARKET SNAPSHOT @ 2113 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1858.83      0.96%    17.700
USD/JPY                   101.74      -0.01%    -0.010
10-YR US TSY YLD     2.6938          --     0.049
SPOT GOLD                 1366.44     -1.11%   -15.300
US CRUDE                  97.98       -0.92%    -0.910
DOW JONES                 16247.22     1.13%    181.55
ASIA ADRS                140.14       1.06%      1.47
-------------------------------------------------------------   
                                                        
        
  * Wall St climbs as Ukraine worries ease, data improves   
  * Brent oil falls $2 as Crimea threat eases              
  * Gold drops 1.2 pct, Wall St gains spur profit-taking  
  * Copper steadies, vulnerable to slower growth in China 
    
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 (Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 
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