April 19, 2017 / 10:16 PM / 3 months ago

Australia shares expected to drift lower, NZ falls

2 Min Read

    April 20 (Reuters) - Australian shares are expected to slip
on Thursday as weakness in oil and iron ore prices along with
declines in U.S. stocks affect sentiment.
    Oil dipped to a two-week low as output cuts by the
Organization of the Petroleum Exporting Countries (OPEC) were
offset by U.S. shale producers.      
    Iron ore futures extended losses to a third day amid
concerns that supply was outpacing demand in China.           
    Sentiment is also expected to be dampened by the fall in the
S&P 500 and Dow 30, dragged down by disappointing corporate
earnings.     
    The local share price index futures          fell 13 points,
or 0.2 percent, to 5,784, a 20-point discount to the underlying
S&P/ASX 200 index         close. The benchmark fell 0.6 percent
on Wednesday.
    New Zealand's benchmark S&P/NZX 50 index         fell 0.2
percent, or 15.82 points, to 7,202.7 in early trade.
    
For a summary of overnight action across global markets, double
click on          
       
For a digest of the day's business stories in Australian 
newspapers, double click on            

 (Reporting by Hanna Paul in Bengaluru; Editing by Jonathan
Oatis)
  
 
 

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