SYDNEY (XFN-ASIA) - Share prices are expected to open lower on mixed overseas leads, including losses in commodity prices, dealers said.
They said investors will be inclined to take profits following a trend seen on Friday, with key focus on a statement later today from the Reserve Bank of Australia on its economic outlook.
The statement is expected to provide an upbeat view of the economy, suggesting there may be reasons for another interest rate hike in the early part of calendar 2007 after last week's
25-basis
point rise in the central bank's official cash rate to 6.25 pct.
The S&P/ASX 200 December futures contract ended its last session down 13.0 points at 5,419.0, suggesting a weaker start to trading.
On Friday, the S&P/ASX 200 ended down 7.7 points or 0.14 pct at 5,436.7. The All Ordinaries Index shed 26.5 points to settle at 5,398.6.
In New York, the Dow Jones Industrial Average rose 5.13 points to 12,108.43. News Corp ended up 1.50 pct while National Australian Bank's American Depositary Receipts fell 0.61 pct.
In London, the FTSE 100 index ended down 23.1 points at 6,208.4. BHP Billiton dropped 2.59 pct and Rio Tinto fell 2.77 pct.
Base metal prices slumped on Friday, weighed down by a 5.6 pct fall in the price of copper to four-month lows following a sharp rise in inventories.
The price of gold fell as traders elected to take profits after solid gains on Thursday. The December benchmark Comex gold contract fell 6.70 usd to close at 630.10 usd an ounce.
Crude oil prices retreated after the International Energy Agency (IEA) reported a sharp rise in energy stocks in top consuming nations and forecast a decline in the world's need for OPEC crude.
Light sweet crude ended down 1.57 usd at 59.59 usd a barrel on the New York Mercantile Exchange after the IEA lowered its forecast for worldwide demand this year.
(1 usd = 1.30 aud)
bruce.hextall@xfn.com
blh/mas