August 10, 2014 / 11:26 PM / in 3 years

Australia shares set to rebound as Wall St buoys

SYDNEY, Aug 11 (Reuters) - Australian shares are seen rising in early trade as a jump on Wall Street and easing tensions in Ukraine buoy the market, while local takeover activity may also underpin sentiment.

* Local share price index futures rose 0.7 percent to 5,413, a 22.3-point discount to the underlying S&P/ASX 200 index close. The benchmark hit a five-week low on Friday to mark its sixth conseutive day in the red, its longest losing streak since early December.

* The market lost 2.2 percent last week, its biggest one-week loss since mid-March.

* New Zealand’s benchmark NZX 50 index added 0.3 percent in early trade.

* Treasury Wine Estates Ltd says it has received a conditional takeover proposal from another global private equity investor, pricing the company at A$5.20 a share.

* Australia’s BC Iron Ltd said it would buy smaller rival Iron Ore Holdings Ltd for around A$256 million in an agreed cash and share deal aimed at building scale in Australia’s premier iron ore region.

* The S&P and Dow both posted their best day since March on Friday, with the market buoyed by news that Russia was ending military drills near the Ukrainian border, while investors overlooked U.S. air strikes in Iraq.

* Copper prices steadied, but remained near a five-week low due to increaesd supply and lacklustre demand from top consumer China.

* Gold dropped, pressured by a lack of physical buyers and gains on Wall Street, but a U.S. air strike in Iraq and tensions in Middle East supported prices, which stayed above $1,300 an ounce.

* JB Hi-Fi Ltd says its FY net profit was up 10.3 percent to A$128.4 million, and announced an on-market share buyback worth around A$12.5 million, representing 0.65 percent of shares on issue.

* Mid-tier Bendigo and Adelaide Bank Ltd will release its FY results later in the day.

----------------------MARKET SNAPSHOT @ 2303 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1931.59 1.15% 22.020 USD/JPY 102.12 0.08% 0.080 10-YR US TSY YLD 2.4221 -- 0.000 SPOT GOLD 1310.05 0.05% 0.710 US CRUDE 97.66 0.01% 0.010 DOW JONES 16553.93 1.13% 185.66 ASIA ADRS 150.85 0.53% 0.80 -------------------------------------------------------------

* Wall St rebounds, erases week’s losses with Russia news * Brent oil falls toward $105/bbl after U.S. Iraq air strike * Gold drops as Wall St gains but Iraq tensions support * Copper steady near 5-week low, falling China imports weigh

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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