August 5, 2013 / 10:54 PM / in 4 years

Australia shares seen slipping ahead of rate decision, results

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)

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