Australia shares seen steady, budget awaited

Sun May 11, 2014 7:40pm EDT

SYDNEY, May 12 (Reuters) - Australian shares are set to open
on a cautious note on Monday despite gains on Wall Street where
the Dow edged up to a record high, with local attention on the
coalition government's first federal budget.
    * Local share price index futures were at 5,455, a
5.8-point discount to the underlying S&P/ASX 200 index 
close. The benchmark dipped 15.9 points to 5,460.8 on Friday.
    * The conservative coalition government of Prime Minister
Tony Abbott will hand down its first budget on Tuesday, with big
spending cuts forecast, along with tax hikes and spending on
infrastructure.
    * Coca-Cola Amatil said it plans to reorganise its
Australian beverage business after completing the first phase of
a strategic review.
    * New Zealand's benchmark NZX 50 index rose 7.3
points to 5,159.9 in early trade.
    * IBM helped push the Dow Jones to a record high on Friday,
although trading was generally lacklustre. The index ended 0.2
percent higher on the day and 0.4 percent higher on the week.
    * A sharp rise in the U.S. dollar pushed down gold, which
notched its second consecutive weekly drop.
                                                                                                                   
 ----------------------MARKET SNAPSHOT @ 2247 GMT ------------
                     INSTRUMENT   LAST       PCT CHG   NET CHG
 S&P 500                          1878.48      0.15%     2.850
 USD/JPY                          101.82      -0.03%    -0.030
 10-YR US TSY YLD                 2.6233          --     0.000
 SPOT GOLD                        1286.1      -0.23%    -2.920
 US CRUDE                         100.05       0.06%     0.060
 DOW JONES                        16583.34     0.20%     32.37
 ASIA ADRS                        141.93       0.28%      0.39
 -------------------------------------------------------------                                                     
 
    
  * Dow ends at record high; Apple drags S&P 500, Nasdag   
  * U.S. crude edged lower in range bound trade            
  * Gold down for week on dollar rise, Fed; Platinum drops 
  * Nickel highest since Feb 2012 on supply concerns     
    
    For a digest of the day's business stories in Australian 
newspapers, double click on    
        
    

 (Reporting by Pauline Askin; Editing by Richard Pullin)