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Australia: Shares to slip on growth, political, rate uncertainty
[SYDNEY] Australian shares are poised to open lower on Monday, with buyers' appetite likely to be tempered by weak US growth, a pending Australian rate decision and uncertainty in Canberra after conservatives suffered a shock rout in a state poll.
Bounces in copper, coal and oil prices and a weaker Aussie dollar should buoy resources stocks and help limit market losses.
Local share price index futures fell 0.4 per cent to 5,518.0 to sit at a 70.3-point discount to the underlying S&P/ASX 200 index close after a weaker session on Wall Street. The Australian benchmark rose 0.3 per cent to a near five-month high last Friday.
Speculation over a possible party revolt against Australia's conservative Prime Minister Tony Abbott grew on Monday following an emphatic voter backlash in a state poll over the weekend and a slump in his personal approval rating.
New Zealand's benchmark NZX 50 index slipped 0.1 per cent to 5,737.2 in early trade.