SYDNEY: Australian shares are seen rising on Wednesday after the Dow Jones Industrial Average posted a record close as strong data boosted investor sentiment, with mining and energy stocks expected to find some support on steadier resource prices.

Local share price index futures rose 0.2 percent to 4,965, a 14.8-point premium to the underlying S&P/ASX 200 index close. On Tuesday, the benchmark fell 0.8 percent to its lowest close since February 7.

New Zealand's benchmark NZX 50 index rose 0.5 percent or 22.5 points to 4,368.5 in early trade.

US stocks rallied on Tuesday, with the Dow climbing more than 100 points to a record close and the S&P 500 coming within striking distance of its all-time closing high, as strong data on home prices and manufacturing fed optimism about the economy.

Brent crude rallied to settle up more than $1 above $109 a barrel, after US crude had surged to a five-week high above $96 a barrel, lifted by stronger manufacturing and housing data in the United States.

Copper steadied as demand picked up in China, the biggest metals consumer, but concerns about the fallout from the Cyprus bailout deal weighed.

Gold fell for the third session in a row on Tuesday as the return of relative calm in Europe as the bailout deal for Cyprus banks eased market fears and better US factory and housing data pointed to an improving economy.

QBE Insurance holds its annual general meeting on Wednesday.