Reuters: Hot Stocks: Australia shares tread water ahead of expected rate cut

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Australia shares tread water ahead of expected rate cut Dec 3rd 2012, 23:35 Tweet Share this Email Print Mon Dec 3, 2012 6:35pm EST (Updates to opening levels) CANBERRA, Dec 4 (Reuters) - Australian shares nudged up slightly in early trade on Tuesday as investors eyed an expected rate cut from the central bank, although sentiment was dampened by falls on Wall Street after weak U.S. manufacturing data. Investors are betting the Reserve Bank of Australia will cut interest rates by a quarter point on Tuesday to match a record low of 3 percent as it seeks to insulate the resource-rich economy against a slowdown in the mining sector. The benchmark S&P/ASX 200 index added 2.3 points to 4,533.8 at 2323 GMT. It rose 0.6 percent on Monday to a five-week high. Banks were firmer, led by a 0.7 percent gain for National Australia Bank. Top miner BHP Billiton slipped 0.4 percent to A$34.41, while rival Rio Tinto Ltd rose almost 0.5 percent to A$58.82. New Zealand's benchmark NZX 50 index dipped 0.1 percent to 4,046.3 in early trade. (Reporting by Maggie Lu Yueyang; Editing by Richard Pullin) Related Quotes and News Company Price Related News 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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