Australia shares seen edging higher, await RBA
MELBOURNE: Australian stocks are set to open firmer on Tuesday, helped by higher base metals and gold prices, though investors will keep a watchful eye on the Reserve Bank's interest rate meeting later in the day.
Stock index futures were up 18 points or 0.4 percent to 4,614.0, a 3.25 point premium to the underlying S&P/ASX 200 index. The benchmark index rose 0.4 percent on Monday.
Copper rose on Monday as market sentiment brightened in the wake of solid US manufacturing data last week, while expectations that emerging market demand will pick up later this year also supported prices in holiday-thinned trade.
Gold prices rose 0.6 percent on Monday as investors took advantage of the metal's dip to six-week lows last week to buy into the market and on expectations the euro will extend gains versus the dollar.
Attention turns to Reserve Bank of Australia's monthly rate review, which is expected to see the cash rate held at 4.75 percent. Investors will be watching for an acknowledgement of recent softer economic data and its impact on the bank's bias towards hiking rates again.
New Zealand's benchmark NZX 50 index lost 2.6 points to 3,475.9 in early trade.
On Wall Street, US markets were closed for the Independence Day public holiday.
Copyright Reuters, 2011
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