SYDNEY, March 13 (Reuters) - Australian shares are set to
fall on Thursday on lingering doubts that the latest effort by
the U.S. Federal Reserve to stem credit market problems would
work, though a surge in oil to record highs may buoy energy
firms.
Share markets rebounded from recent slumps on Wednesday after
the Fed and other central banks teamed up to inject hundreds of
billions of dollars in new funds into deteriorating credit
markets.
But many remain sceptical that the move would convince banks
to loosen their grip on cash and solve the fundamental problems
faced by credit markets. That scepticism pulled U.S. shares lower
on Wednesday [.N].
Australia's March share price index (SPI) futures <YAPcm1>
fell 24 points to settle at 5,203.0, a 54.9-point discount to the
underlying index.
On Wednesday, the benchmark S&P/ASX 200 index <.AXJO> rose
2.4 percent, or 123.7 points, to 5,257.9, posting the biggest
one-day percentage jump in four weeks. It had risen as much as
4.6 percent during the session.
Despite the gains, the index, which had fallen a total of 5.5
percent in the previous three sessions, has still lost 17.1
percent since the start of the year.
New Zealand's benchmark NZX-50 index <.NZ50> rose 0.1
percent, or 3.56 points, to 3,548.39 in early trade. Top stock
Telecom Corp Ltd <TEL.NZ> was down 0.5 percent at NZ$3.92.
Australian energy firms such as Woodside Petroleum Ltd
<WPL.AX> may gain after oil <CLc1> pierced $110 a barrel on
Wednesday, marking the sixth straight day of record highs.
Stronger base metal prices, including copper and tin, should
also buoy the miners.
On the economic front, Australian employment data for
February will be released.
($1=A$1.07)
(Reporting by Geraldine Chua)
(([email protected]; +61 2 9373 1818; Reuters
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