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Australia shares may edge up, investors eye China PMI
June 22, 2014 / 11:11 PM / 3 years ago

Australia shares may edge up, investors eye China PMI

SYDNEY, June 23 (Reuters) - Australian shares may open a tick higher on Monday, underpinned by a rise on Wall Street and firmer copper and iron ore prices, while investors will eye key China manufacturing data for growth clues in Australia’s largest export market.

* Local share price index futures rose 0.2 percent to 5390, but was at a 29.5-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.9 percent on Friday, but rose 0.3 percent for the week, snapping a three-week slide.

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

* U.S. stocks rose on Friday, driving the Dow and the S&P 500 to close at record highs as the shares of 330 companies hit 52-week highs on the New York Stock Exchange.

* Copper futures rose for a sixth session in a row in their longest winning run this year, while gold fell.

* Chinese iron ore futures posted their biggest daily gain in four weeks as some traders start to pick up cargoes, although the market remains wary that an oversupply will limit any gains. .IO62-CNI=SI

* Yancoal Australia Ltd said its investigation into its Austar Coal Mine is ongoing and development works have not yet recommenced.

* GDI Property Group Ltd says it has exchanged contracts to acquire Civic Tower in Sydney for A$136 million.

* Stockland Corporation Ltd has acquired two parcels of land in Perth’s southern and northern growth corridors for a combined total of A$58.1 million.

* Chinese HSBC manufacturing PMI flash data is due out later in the day.

----------------------MARKET SNAPSHOT @ 2301 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1962.87 0.17% 3.390 USD/JPY 102.06 0% 0.000 10-YR US TSY YLD 2.608 -- #N/A SPOT GOLD 1313.54 -0.06% -0.780 US CRUDE 107.19 0.34% 0.360 DOW JONES 16947.08 0.15% 25.62 ASIA ADRS 149.80 -0.36% -0.55 -------------------------------------------------------------

* Dow, S&P 500 end at record highs; S&P up for 6th day * U.S. crude hits nine-month high above $107 on short-covering * Gold drops as S&P rises but posts big weekly gain * Copper In longest win streak since Dec on tight supply

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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