Australia shares seen climbing on weaker Aussie dollar

Mon May 19, 2014 6:29pm EDT

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MELBOURNE, May 20 (Reuters) - Australian shares are set to
open higher, buoyed by a weaker Aussie dollar which should lift
companies like Amcor, CSL and James Hardie that have large
earnings offshore, but sliding iron ore prices are likely to
weigh on the big miners.
    
    * Local share price index futures rose 0.4 percent
to 5,437.0, a 28-point premium to the underlying S&P/ASX 200
index close on Monday. The benchmark fell 1.3 percent on
Monday.
    * New Zealand's benchmark NZX 50 index slipped 1.3
points to 5,166.5 in early trade.
    * Wall Street provided a positive lead for Australian
stocks, despite some concerns about U.S. economic growth
prospects. A rally in high-growth names among Internet and
biotech shares sent the Nasdaq up almost 1 percent.
    * Copper hit an 11-week high on Monday on dwindling global
stocks and nickel jumped nearly 5 percent, but investors were
cautious after official data on Sunday showed growth in average
new home prices in China had slowed in April.
    * Genworth Mortgage Insurance Australia Ltd is set
to debut on the market on Tuesday, after raising A$583 million
in Australia's biggest initial public offering this year. The
issue price was A$2.65.
 
------------------ MARKET SNAPSHOT @ 2214 GMT ------------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1,885.08     0.38     7.220
USD/JPY                   101.45      -0.04    -0.040
10-YR US TSY YLD     2.5445        --      0.000
SPOT GOLD                 1,292.98     0.11     1.380
US CRUDE                  102.56      -0.05    -0.050
DOW JONES                 16,511.86    0.12     20.55
ASIA ADRS                143.21      -0.20     -0.28
----------------------------------------------------------------
        
  * Wall St rises; Internet, biotech names lift Nasdaq      
  * U.S. oil prices rally on weak dollar, contract expiry  
  * Gold ends flat as S&P 500 rises; platinum up          
  * Copper touches 11-week high on tight supply          
    
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 ($1 = 1.0696 Australian dollars)

 (Compiled by Australia/New Zealand bureaux)
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