Australia shares seen rallying on Dow record, upbeat U.S. data

SYDNEY, Nov 22 (Reuters) - Australian shares are seen rising

after the Dow closed at another record high as U.S. economic

data affirmed most investors' expectations that the Federal

Reserve is unlikely to scale back its stimulus until early next

year.

* Local (Frankfurt: OTQ.F - news) share price index futures rose 0.7 percent,

a 49.7-point premium to the underlying S&P/ASX (Berlin: AUX.BE - news) 200 index

close. The benchmark rose fell 0.4 percent on Thursday.

* New Zealand's benchmark NZX 50 index was flat in

early trade.

* The Dow industrials closed above 16,000 on Thursday for

the first time and other major indexes also ended higher after

economic data pointed to a slowly improving labor market and

subdued inflation.

* Australia's top central banker on Thursday said he was

"open-minded" on whether to intervene to try and push the

Australian dollar lower, escalating a rhetorical campaign

against the painfully high currency.

* Copper rose at the close as a softer dollar and a

short-term shortage of refined metal offset worries about a fall

in China factory activity and U.S. central bank stimulus

tapering.

* Gold rose, rebounding from a four-month low set earlier in

the session.

* Global miner Rio Tinto (Xetra: 855018 - news) 's Chairman Jan du Plessis

will speak at an Australian-British Chamber of Commerce lunch.

* Australia's largest food manufacturer Goodman Fielder (Other OTC: GDFLF - news)

and department store David Jones Ltd will both

hold AGMs later in the day.

------------------ MARKET SNAPSHOT @ 2133 GMT ------------------

INSTRUMENT LAST PCT CHG NET CHG

S&P 500 1,795.85 0.81% 14.480

USD/JPY 101.08 1.06% 1.060

10-YR US TSY YLD 2.786 -- -0.005

SPOT GOLD 1,242.46 -0.01% -0.130

US CRUDE 95.2 1.44% 1.350

DOW JONES 16,009.99 0.69% 109.17

ASIA ADRS 149.53 -0.04% -0.07

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* Dow industrials closes above 16,000 for first time

* Oil jumps $2, U.S. gasoline squeeze aids rally

* Gold rebounds as bargain hunt offsets Fed taper woes

* Copper gains on dollar, shortage after typhoon

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(Reporting by Thuy Ong, editing by G Crosse)