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Australia shares seen up as U.S. growth recovers
Friday October 30, 10:10 AM
SYDNEY, Oct 30 (Reuters) - Australian stocks are set to recover on Friday after Wall Street bounced back on relief the U.S. economy had returned to growth in the third quarter, bolstering the prospects for company profits.
Share index futures YAPcm1 stood at 4,642.0, a 67.3 point premium to the 4,574.7 close in the underlying benchmark S&P/ASX 200 index .AXJO on Thursday.
Macquarie Group Ltd MQG.AX, Australia's largest investment bank, is due to report first-half profit. The average forecast of seven analysts surveyed by Reuters was for net profit A$487 million. Macquarie's own forecast was for around A$436 million.
Resource stocks should open stronger after metal prices, gold and oil all rose on the U.S. growth figures, which boosted demand prospects for metals and fuel.
Wall Street had its best day since July with gains of around 2.0 percent for the major indices, after data showed the U.S. economy grew by a surprisingly strong annual rate of 3.5 percent in the latest quarter, snapping four negative quarters.
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