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Australia shares seen up after conservative opposition wins election
September 8, 2013 / 11:11 PM / 4 years ago

Australia shares seen up after conservative opposition wins election

SYDNEY, Sept 9 (Reuters) - Australian shares are set for modest gains on Monday, after the country’s conservative leader won a landslide victory in the federal election, and weak U.S. jobs data raised expectations the Federal Reserve might delay plans to trim its monetary stimulus.

However, any move on a possible military strike by the West against Syria will cap the upside.

* Local share price index futures rose 0.2 percent to 5,157, a 12.0-point premium to the underlying S&P/ASX 200 index .AXJO close. The benchmark ended flat on Friday.

* New Zealand’s benchmark NZX 50 index edged up 0.2 percent to 4,605.8 in early trade.

* U.S. stocks closed little changed in choppy trade on Friday after labor market data removed some uncertainty about Federal Reserve policy, but concerns remained about possible military action by the West against Syria.

* Copper rose on Friday after two days of losses as weak U.S. jobs data raised expectations that the Fed delay plans to rein in its monetary stimulus, and as investors bet a global recovery would boost demand.

* Australia’s incoming conservative government promised to re-boot a stalled mining boom and revive an appetite for investment on Sunday after leader Tony Abbott swept into office on a platform to scrap a mining tax and run a stable administration.

* Australia’s job advertisements for August and mortgage lending for July will be released later on Monday. ----------------------MARKET SNAPSHOT @ 2235 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1655.17 0.01% 0.090 USD/JPY 99.84 0.75% 0.740 10-YR US TSY YLD 2.9342 -- 0.000 SPOT GOLD 1387.51 -0.24% -3.370 US CRUDE 109.87 -0.60% -0.660 DOW JONES 14922.50 -0.10% -14.98 ASIA ADRS 142.32 0.34% 0.49 -------------------------------------------------------------

* Wall St flat after jobs data; Syria worries spur caution * Syria fears send U.S. oil to 2-yr-high settlement * Gold up as U.S. job growth disappoints, but posts weekly loss * Copper gains on fed expectations, global growth outlook

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 Shri Navaratnam

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