Australia shares face more weakness amid rate uncertainty

SYDNEY: Australian shares are set to drift down on Monday for a sixth straight day, with investors waiting to see whether the central bank will cut rates on Tuesday. Takeover and asset sales activity may help limit losses.

Local share price index futures pointed to a weaker opening, having slipped 0.5 percent to sit at a 28.4-point discount to the underlying S&P/ASX 200 index close. The benchmark fell about 2 percent last week.

New Zealand's benchmark NZX 50 index gave up just 1 point to 5,985.2 in early trade.

Westpac Banking Corp wrapped up Australia's bank reporting season posting a 3 percent rise in annual cash profit to a record A$7.8 billion as foreshadowed last month.

Takeover targets Asciano Ltd and Santos Ltd remain in the spotlight, with investors awaiting the next move by rival suitors for Asciano's port and rail businesses and bidders vying for some of Santos' assets.