Reuters: Hot Stocks: Australian shares edge down, caution before RBA decision

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Australian shares edge down, caution before RBA decision May 7th 2013, 00:37 Mon May 6, 2013 8:37pm EDT (Updates with movements in early trade) SYDNEY May 7 (Reuters) - Australian shares slipped 0.1 percent on Tuesday as investors remained cautious ahead of a central bank rate meeting later in the day and as financials dragged on the market, but strength in metals prices helped limit losses. The Commonwealth Bank of Australia and Westpac Banking Corp both fell 0.8 percent, giving up some of gains made in dividend and earnings-driven rallies to all-time highs last week. Global miners BHP Billiton Ltd added 1.1 percent and rival Rio Tinto Ltd climbed 1 percent after Shanghai copper futures jumped by their 5 percent daily limit, tracking sharp gains in London in the previous session. The Reserve Bank of Australia is due to meet 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. Coca Cola Amatil Ltd lost 5.5 percent after the company issued a profit warning. The benchmark S&P/ASX 200 index slipped 5.4 points to 5,150.8 by 0023 GMT. The index rose 0.5 percent on Monday. New Zealand's benchmark NZX 50 index rose 0.5 percent, or 21.3 points to hover at 4,617.5 just below all-time highs. (Reporting by Thuy Ong; Editing by Edwina Gibbs) Link this Share this Digg this Email Reprints

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