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Australia shares seen rebounding on Wall St. lead, firmer metals; await budget
May 12, 2014 / 10:52 PM / 3 years ago

Australia shares seen rebounding on Wall St. lead, firmer metals; await budget

SYDNEY, May 13 (Reuters) - Australian shares are set to bounce back on Tuesday after Internet and biotech stocks pushed Wall Street to record highs and as base metals firmed, with investors awaiting the coalition government’s first federal budget.

* Local share price index futures were up 0.6 percent at 5,467.0, a 18.6-point premium to the underlying S&P/ASX 200 index close. The benchmark dipped 0.2 percent to 5,448.4 on Monday.

* New Zealand’s benchmark NZX 50 index rose 0.5 percent to 5,189.0 in early trade.

* The Dow and S&P 500 ended at record highs on Monday while the Nasdaq rallied as shares of Internet and biotech shares advanced.

* Nickel jumped 8 percent on Monday, bringing gains for the year to 50 percent, as the threat of tougher Western sanctions on the world’s biggest producer Russia compounded concerns about Indonesia’s ban on unprocessed ore exports.

* Copper hit a two-month peak on top copper consumer China’s pledge on Friday to push ahead with a broad range of capital market reforms and on growing worries about dwindling global exchange inventories.

* Tugboat workers at Australia’s main iron ore port threaten to hold a strike that could halt a quarter of the world’s iron ore exports and cost miners $100 million a day, just as the industry battles to slash costs and get more out of its workers.

* Hochtief, majority-owned by Spanish builder ACS , has raised its stake in Leighton Holdings to nearly 70 percent, tightening its grip on Australia’s biggest construction company and paving the way for its restructuring.

* The conservative coalition government of Prime Minister Tony Abbott will hand down its first budget on Tuesday, with big spending cuts forecast, along with tax hikes and spending on infrastructure.

* Coca-Cola Amatil Ltd will hold its annual general meeting on Tuesday. ------MARKET SNAPSHOT @ 22:30 GMT ------------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,896.65 0.97% 18.170 USD/JPY 102.85 0.05% 0.050 10-YR US TSY YLD 2.661 -- 0.000 SPOT GOLD $1,295.66 0.03% 0.360 US CRUDE $100.57 -0.02% -0.020 DOW JONES 16351.25 0.68% -67.43 ASIA ADRS 143.60 1.18% 1.67 ------------------------------------------------------

* Dow, S&P 500 end at record highs; Internet names jump * U.S. crude, Brent rise on Ukraine risk, new EU sanctions * Gold rises on Ukraine tensions; physical demand weak * Nickel jumps 8 pct on supply concern, copper hits 2-month top

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; Editing by Chris Reese

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