Reuters: Hot Stocks: Australia shares seen higher on Wall St, caution before RBA meeting

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Australia shares seen higher on Wall St, caution before RBA meeting May 6th 2013, 23:13 Tweet Share this Email Print Mon May 6, 2013 7:13pm EDT SYDNEY, May 7 (Reuters) - Australian shares are set to open firmer on Tuesday after Wall Street closed at another record high and metals prices gained, although investors may be cautious ahead of a central bank rate setting meeting. * Local share price index futures rose 0.3 percent, a 9.8-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 0.5 percent on Monday. * New Zealand's benchmark NZX 50 index rose 0.3 percent in early trade to 4,610.1 points. * The S&P 500 closed at another record high, pushing further above 1,600 as financial shares led the way after Bank of America settled a long running dispute with bond insurer MBIA. * Brent crude oil rose more than 1 percent on Monday, surpassing $105 a barrel in choppy trade as Israeli air strikes on Syria prompted worries about Middle East supply to trump concern that global economic weakness may curb demand. * Gold eased in quiet trade on continued outflows in bullion-backed exchange-traded funds, and investors were still weighing the metal's inflation-hedge appeal after last week's encouraging U.S. jobs data. * Shanghai copper futures jumped by their 5 percent daily limit, tracking sharp gains in London in the previous session after a strong U.S. employment report renewed confidence in the global economy. * The Reserve Bank of Australia is due to meet on Tuesday at 0430 GMT. A Reuters poll of 21 economists last week found only four were tipping an easing, but markets think it will be a closer call and are pricing in a 50-50 chance of an easing in the cash rate to 2.75 percent. * Australian trade balance and house prices data are due out at 0130 GMT. * Coca-Cola Amatil Ltd will hold its annual general meeting later in the day. * S&P 500 closes at record again; financials, Apple lead * Oil rises to over $105 per barrel on Mideast tensions * Gold eases in low volume, ETF outflows in focus * Shanghai copper limit up on US jobs data boost For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Thuy Ong; 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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