July 4 (Reuters) – Australian shares are set to open higher
on Tuesday, lifted by a solid boost in oil prices and ahead of a
central bank meeting where the Reserve Bank of Australia is
expected to stand pat on its cash rate.
Oil prices gained over 2 percent on Monday as U.S. output
diminished while iron ore futures matched up, jumping over 3
percent, supported by data showing a recovery in China’s
Australia’s central bank is seen holding the cash rate at a
record low of 1.5 percent in its policy meeting later in the
day, according to economists polled by Reuters.
The local share price index futures gained 0.6
percent, or 35 points, a 14.5-point discount to the underlying
S&P/ASX 200 index close. The benchmark fell 0.7 percent
at the close of trade on Monday.
The benchmark is also expected to be cheered up by gains in
Wall Street led by energy and bank stocks.
New Zealand’s benchmark S&P/NZX 50 index edged up
about 0.1 percent, or 9.77 points, to 7,598.2 in early trade.
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(Reporting by Hanna Paul in Bengaluru; Editing by Lisa