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Australia shares seen firmer on Wall St; David Jones gets bid
April 8, 2014 / 11:21 PM / in 4 years

Australia shares seen firmer on Wall St; David Jones gets bid

SYDNEY, April 9 (Reuters) - Australian shares are set to open higher on Wednesday after two sessions of losses as Wall Street recovered overnight, while an uptick in gold and takeover interest in retailer David Jones may also underpin the market.

* Local share price index futures rose 0.4 percent to a 17.4-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.1 percent on Tuesday.

* New Zealand’s benchmark NZX 50 index added 0.4 percent in early trade.

* U.S. stocks rose on Tuesday, snapping a three-day losing streak as investors bought beaten-down social media and Internet shares.

* David Jones Ltd said it has received a A$4 cash per share proposal from South Africa’s Woolworths. Its board has recommended the proposal that values the department store at more than A$2 billion.

* Casino group Melco Crown Entertainment said it is in partnership negotiations with several Japanese companies, with chairman James Packer saying investment would total at least $5 billion.

* Copper slipped from a one-week high on uncertianty about growth in top metals consumer China and worries that upcoming trade data may be weak.

* Gold rose 1 percent on a sharply lower dollar and as renewed tensions between the United States and Russia over Ukraine burnished bullion’s safe-haven appeal.

* The monthly Australia-consumer sentiment report from Westpac Bank and mortgage lending data from the Australian Bureau of Statistics are both due later in the day.

* Dart Energy Ltd said it has completed the sale of its entire interests in Xiushan shale gas project to an existing partner for a nominal consideration. The company said it has no residual business activities in Chian.

----------------------MARKET SNAPSHOT @ 2258 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1851.96 0.38% 6.920 USD/JPY 101.88 0.09% 0.090 10-YR US TSY YLD 2.6826 -- 0.000 SPOT GOLD 1309.51 0.10% 1.290 US CRUDE 102.31 -0.24% -0.250 DOW JONES 16256.14 0.06% 10.27 ASIA ADRS 141.80 0.29% 0.42 -------------------------------------------------------------

* Wall St snaps 3-day losing streak as tech rebounds * U.S. crude oil surges 2 pct on weak dollar, technical trade * Gold rises as dollar drops, Ukraine tensions rise * Copper slips from one-week high on China uncertainty

For a digest of the day’s business stories in Australian newspapers, double click on (Reporting by Thuy Ong; Editing by Richard Pullin)

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