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Australia shares set for soft start ahead of RBA meet; NZ flat

Published 07/03/2017, 08:24 am
Updated 07/03/2017, 08:30 am
© Reuters.  Australia shares set for soft start ahead of RBA meet; NZ flat
AXJO
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March 7 (Reuters) - Australian shares were seen opening slightly lower on Tuesday as investors awaited a meeting of the Reserve Bank of Australia that is widely expected to keep the main interest rate at a record low of 1.5 percent.

The local share price index futures YAPcm1 was down 0.1 percent at 5720, a 26.5-point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark closed 0.29 percent higher on Monday.

According to the latest Reuters Poll report, all 67 economists polled by Reuters forecast the RBA would stand pat on March 7, following two rate cuts last year. miners and oil producers in Australia are likely to be hurt by an overnight decline in commodity prices. O/R IRON/

In overseas trading Wall Street fell overnight, hurt by renewed turbulence surrounding the Trump administration and by geopolitical tensions in Asia. .N

New Zealand's benchmark S&P/NZX 50 index .NZ50 was flat at 7171.57 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

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