SYDNEY, Aug 1 (Reuters) - Australian shares are set to start the week with an upbeat tone on Monday, tracking a rally on Wall Street and speculation the Reserve Bank of Australia will resume cutting interest rates later this week.
Local share price index futures YAPcm1 rose 0.3 percent to 5,536, but that was a 26.4-point discount to the underlying S&P/ASX 200 index .AXJO close on Friday.
The benchmark hit a near one-year high in the last session, having leapt 6.2 percent in July, the largest monthly gain in five years.
New Zealand's benchmark S&P/NZX 50 index .NZ50 inched down in early trade as investors digested global dairy giant Fonterra Co-operative Group Ltd's FSF.NZ FCG.NZ payout and earnings forecasts.
The world's largest dairy exporter said it planned to maintain its payout for the current season amid continuing global uncertainty. stock index edged down 0.1 percent, but was still close to the all-time peak touched on Friday. It has rallied 6.5 percent in July.
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