Nov 7 (Reuters) - Australian shares are expected to open higher on Tuesday, taking cues from Wall Street, which closed at a record high, and a jump in oil prices as Saudi Arabia's crown prince cemented his power over the weekend with an anti-corruption crackdown.
U.S. stocks hit new highs on Monday amid optimism about merger activity and as investors bet that a Republican plan to cut corporate taxes would bolster earnings. .N
The local share price index futures YAPcm1 rose 0.5 percent, or 28 points, to 5,961, a 7.8 discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark fell 0.1 percent on Monday.
Australia's central bank holds its monthly policy meeting later and is expected to keep its cash rate at a record low of 1.5 percent, a Reuters poll of economists found. Zealand's benchmark S&P/NZX 50 index .NZ50 was a shade lower at 8,038.94, down 0.18 percent, in early trade, with consumer staples hurting the most.