Australia shares seen rebounding modestly, investors eye some quarter updates

SYDNEY, April 30 Tue Apr 29, 2014 7:11pm EDT

SYDNEY, April 30 (Reuters) - Australian shares are set to rebound modestly on Wednesday after gains on Wall Street overnight following upbeat earnings, though investors may eye a batch of quarterly reports from a handful of stocks due later in the day.

* Local share price index futures rose 0.3 percent, a 19-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.9 percent on Tuesday, snapping seven consecutive sessions of gains.

* New Zealand's benchmark NZX 50 index rose 1 percent in early trade.

* U.S. stocks rose on Tuesday, boosted by upbeat results from companies including Merck & Co and a rebound in Facebook and other high-growth shares.

* Copper dipped on Tuesday as investors held back ahead of a U.S. central bank meeting and after further signs of slower growth in top metals consumer China. Gold rose slightly but remained below $1,300 an ounce.

* Brambles Ltd issued its FY 2014 third-quarter trading update, saying sales revenue for the 9 months ended March 2014 was up 6 percent, and expects growth of about 7 percent in FY 2014.

* Insurance Australia Group Ltd has agreed to a request from the New Zealand Commerce Commission for an additional week to consider a planned acquisition of Wesfarmers' Lumley Insurance business in New Zealand.

* Elsewhere, Woolworths Ltd is due to report its third quarter sales results, Origin Energy Ltd will release its quarterly production report and Stockland Ltd will issues its Q3 market update.

------------------- MARKET SNAPSHOT @ 2301 GMT -----------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,878.33 0.48% 8.900 USD/JPY 102.62 0.01% 0.010 10-YR US TSY YLD 2.6968 -- 0.000 SPOT GOLD 1,295.12 -0.07% -0.860 US CRUDE 100.69 -0.58% -0.590 DOW JONES 16,535.37 0.53% 86.63 ASIA ADRS 140.77 0.48% 0.67 ----------------------------------------------------------------

* Wall St ends up on earnings, rebound in high-growth shrs * Oil rebounds as geopolitical woes return, stocks build * Gold edges up ahead of Fed meet, Ukraine fears support * Copper dips ahead of U.S. data, Fed meeting

For a digest of the day's business stories in Australian newspapers, double-click on (Reporting by Thuy Ong, editing by G Crosse)


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