October 24, 2018 / 9:16 PM / a year ago

Australia shares likely to open more than 1 pct lower; NZ falls big

    Oct 25 (Reuters) - Australian shares were set to drop more
than 1 percent at the open on Thursday, in line with the
overnight Wall Street sell-off. 
    U.S. stocks tumbled on Wednesday, confirming a correction
for the Nasdaq and erasing the Dow and S&P 500's gains for the
year, as disappointing forecasts from chipmakers and weak home
sales data fuelled worries about economic and profit growth.
    The local share price index futures          fell 1.6
percent, a 129-point discount to the underlying S&P/ASX 200
index         close. The benchmark closed 0.2 percent lower on
    New Zealand's benchmark S&P/NZX 50 index         fell 1.1
percent in early trade.

 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Tom Brown)
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