July 6, 2020 / 10:31 PM / a month ago

Australian shares set to rise ahead of central bank meeting, NZ gains

    July 7 (Reuters) - Australian shares are likely to edge
higher on Tuesday as positive U.S. services data set an
optimistic tone ahead of Australia's central bank meeting later
in the day.
    Even though the Reserve Bank of Australia is expected to
keep the cash rate at 0.25% and make no changes to policy at the
meeting, investors will watch for comments on the impact to the
economy amid the spike in coronavirus cases.
    Lifting sentiment prior to the meeting was data showing
unexpected growth in the U.S. services sector last month, almost
returning to its pre-COVID-19 pandemic levels, which helped
drive Wall Street higher overnight.             
    The local share price index futures          rose 0.5%, a
4.4-point premium to the underlying S&P/ASX 200 index        
close. The benchmark closed 0.7% lower on Monday.
    In New Zealand, the benchmark S&P/NZX 50 index        
climbed 0.4% in early trade. 

 (Reporting by Shruti Sonal in Bengaluru
Editing by Chris Reese)
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