April 17, 2013 / 12:30 AM / 5 years ago

Australia shares rebound, helped by metal prices, Wall St gains

(Updates to open)
    SYDNEY, April 17 (Reuters) - Australian shares rose 0.7
percent in early trade on Wednesday, helped by a rebound in
metal prices, higher iron ore production  from BHP Billiton Ltd
 and encouraging data in the United States.
   BHP edged up 0.3 percent, after the global miner said its
March quarter iron ore production was up 6 percent and it
anticipated the annualized production rate approaching 200
million tonnes for the June 2013 quarter. 
    Fortescue Metals Group added 1.1 percent. 
   The benchmark S&P/ASX 200 index added 33.9 points to
4,984.7 by 0010 GMT. The benchmark fell 0.3 percent on Tuesday. 
    U.S. stocks jumped more than 1 percent on Tuesday, a day
after their worst decline since November, as gold prices
rebounded and earnings from Coca-Cola and Johnson & Johnson
improved the outlook for first-quarter results. Inflation data,
which reinforced expectations that the Federal Reserve will keep
its stimulus plan in place, added to bullish sentiment.
   New Zealand's benchmark NZX 50 index rose 0.7 percent
to 4,458.7.  
    
    

 (Reporting by Maggie Lu Yueyang; Editing by Shri Navaratnam)

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