SYDNEY, Nov 2 (Reuters) - Australian shares are set to drift down on Monday for a sixth straight day, with investors waiting to see whether the central bank will cut rates on Tuesday. Takeover and asset sales activity may help limit losses.
Local share price index futures YAPcm1 pointed to a weaker opening, having slipped 0.5 percent to sit at a 28.4-point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark fell about 2 percent last week.
New Zealand's benchmark NZX 50 index .NZ50 gave up just 1 point to 5,985.2 in early trade.
Westpac Banking Corp WBC.AX wrapped up Australia's bank reporting season posting a 3 percent rise in annual cash profit to a record A$7.8 billion as foreshadowed last month. urn:newsml:reuters.com:*:nL3N12W0F0
Takeover targets Asciano Ltd AIO.AX and Santos Ltd STO.AX remain in the spotlight, with investors awaiting the next move by rival suitors for Asciano's port and rail businesses and bidders vying for some of Santos' assets.
For a summary of overnight action across global markets, double click on AU/CALL
For a digest of the day's business stories in Australian newspapers, double click on PRESS/AUB