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 manufacturing activity. O/R IRONORE/
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. local share price index futures YAPcm1 gained 0.6 percent, or 35 points, a 14.5-point discount to the underlying S&P/ASX 200 index .AXJO 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. .N
New Zealand's benchmark S&P/NZX 50 index .NZ50 edged up about 0.1 percent, or 9.77 points, to 7,598.2 in early trade.
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