June 8, 2015 / 11:04 PM / 2 years ago

Australia shares set for tough start after Wall Street fall

SYDNEY, June 9 (Reuters) - Australian shares are unlikely to
get any reprieve on Tuesday after a long weekend holiday, with
futures pointing to a negative start for the market following a
weak finish on Wall Street.
    The local share price index futures fell 0.4
percent to 5,478.0, a 20.5-point discount to the underlying
S&P/ASX 200 index. 
    Last week, the benchmark index slid nearly 5 percent,
marking its worst weekly performance in three years. It is now a
mere 1.6 percent higher for 2015, having been up as much as 10.8
percent at one point.
    Traders are watching to see if any bargain hunting will
emerge with the index at a four-month trough. 
    However, much will depend on whether the major banks find a
floor. Worries about their outlooks have in part caused the big
four lenders to shed this year's gains.
    New Zealand's benchmark NZX 50 index eased 0.3
percent, or 17.0 points, to 5,868.9 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 Ian Chua; Editing by Cynthia Osterman)

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