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Australia shares seen topping 3-1/2 mth highs on China data, Syria diplomacy
September 10, 2013 / 11:18 PM / 4 years ago

Australia shares seen topping 3-1/2 mth highs on China data, Syria diplomacy

SYDNEY, Sept 11 (Reuters) - Australian shares are seen pushing past 3-1/2 month highs on Wednesday as global markets rallied on further signs of stabilisation in China’s economy, while geopolitical tensions eased after Syria accepted a proposal to give up its chemical weapons.

* Local share price index futures rose 0.6 percent, a 33.8-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 0.4 percent to close at 3-1/2 month highs on Tuesday, buoyed by upbeat data from China, Australia’s biggest export market.

* New Zealand’s benchmark NZX 50 index was flat in early trade.

* U.S. stocks rose on Tuesday, with the S&P 500 index advancing for its longest stretch since early July, helped by more upbeat economic data from China and as an alternative proposal emerged that could avert a possible Western military strike on Syria.

* Analysts said the new developments reduced risk for financial markets as Syria accepted a Russian proposal to give up chemical weapons and win a reprieve from U.S. military strikes.

* Copper slipped on concerns over improved supplies and uncertainty over when the U.S. Federal Reserve will trim its stimulus programme. Gold fell 1.5 percent.

* Shanghai steel futures dipped from a one-week high hit in the previous session, as some investors are concerned rising steel output would weigh on prices.

* Westpac Bank will release its monthly report on Australia’s consumer sentiment later on Wednesday.

----------------------MARKET SNAPSHOT @ 2250 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1683.99 0.73% 12.280 USD/JPY 100.4 0.01% 0.010 10-YR US TSY YLD 2.9662 -- 0.000 SPOT GOLD 1365.36 0.13% 1.770 US CRUDE 107.31 -0.07% -0.080 DOW JONES 15191.06 0.85% 127.94 ASIA ADRS 146.87 1.26% 1.83 -------------------------------------------------------------

* S&P 500 gains for 6th straight session, Apple falls * Oil hits two-week low as Syria tensions ease * Gold falls 1.5 percent on hopes for Syria solution * Copper falls as supplies grow; China data limits loss

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(Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234)

Reporting by Thuy Ong; Editing by

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