By Cecile Lefort
SYDNEY, Aug 3 (Reuters) - Australian shares are likely to have a subdued start on Monday as falling commodity prices and disappointing U.S. jobs data weighed on already fragile investor sentiment. Yet, a sharp rally in New Zealand stocks which touched a record peak in early trade could offset losses.
Local share price index futures YAPcm1 were down 0.2 percent to 5,639, a 60.2-point discount to the close of the underlying S&P/ASX200 index on Friday. The benchmark rose 0.5 percent in the last session, showing its first monthly increase since February.
New Zealand's benchmark NZX 50 index .NZ50 shot up 0.7 percent in early trade with the power sector leading the gains after Meridian Energy MEL.NZ announced a major supply contract with Rio Tinto (LONDON:RIO) RIO.AX . ID:nL3N10B2CC
The benchmark rose to an all time high of 5,963.05, and was last at 5,949.5.
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