Reuters: Hot Stocks: Australia shares seen slipping ahead of rate decision, results

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Australia shares seen slipping ahead of rate decision, results Aug 5th 2013, 22:51 Tweet Share this Email Print Mon Aug 5, 2013 6:51pm EDT MELBOURNE, Aug 6 (Reuters) - Australian shares were set to drift down on Tuesday after snapping a 10-day winning streak, with investors on the sidelines ahead of company results and a widely expected rate cut by the Reserve Bank of Australia. * Local stock index futures slipped 0.2 percent to 5,053.0, a 58.3-point discount to the underlying S&P/ASX 200 index close. The benchmark dipped 0.1 percent on Monday. * New Zealand's benchmark NZX 50 index fell 0.2 percent in early trade. * The Dow and the S&P 500 dipped on Monday in the thinnest volume so far this year, following their record closing highs last week as a lack of major news left the market directionless. * Copper prices edged lower on Monday, following strong gains last week, after service sector data from top metal consumer China failed to lift expectations for demand in the world's top consumer of metals. Gold also fell. * The Reserve Bank of Australia is considered nearly certain to cut rates by a quarter point to 2.5 percent following its August policy meeting on Tuesday. * Bionic ear implant maker Cochlear is due to report its annual results on Tuesday. Analysts are expecting a 15 percent drop in net profit before one-offs to A$133.6 million, according to Thomson Reuters I/B/E/S. * Shares in Base Resources, due to start production at a mineral sands project in Kenya this year, may come under pressure after the east African country unexpectedly increased royalties on minerals. The company had no immediate comment on the move. ----------------------MARKET SNAPSHOT @ 2238 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1707.14 -0.15% -2.530 USD/JPY 98.28 -0.02% -0.020 10-YR US TSY YLD 2.64 -- 0.000 SPOT GOLD 1302.46 -0.07% -0.880 US CRUDE 106.59 0.03% 0.030 DOW JONES 15612.13 -0.30% -46.23 ASIA ADRS 142.26 -0.58% -0.82 ------------------------------------------------------------- * Dow, S&P slip from record highs on year's lowest volume * Oil ends lower; upbeat US data offsets supply recovery * Gold drops on strong U.S. and UK economic data * Copper falls on modest China data For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Sonali Paul; Editing by Richard Pullin) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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