August 5, 2019 / 10:32 PM / 3 months ago

Australia shares set to open sharply lower; NZ down

Australian shares are set to on open sharply lower on Tuesday,
extending falls for a fourth straight session, on fears that
China's willingness to let the yuan currency slide to counter
U.S. tariff threats could further intensify the trade war
between the world's two largest economies.
    On Monday, China let the yuan tumble beyond the 7-per-dollar
level for the first time in more than a decade, in a sign
Beijing might be willing to tolerate further currency weakness
after U.S. President Donald Trump threatened additional tariffs
last week.             
    The local share price index futures          fell 1.67% to
6,460, a 180.3-point discount to the underlying S&P/ASX 200
index         close. The benchmark fell 1.9% on Monday.
    New Zealand's benchmark S&P/NZX 50 index         fell 1.6%
to 10,589.79 in early trade.

 (Reporting by Syed Saif Hussain Naqvi in Bengaluru, editing by
G Crosse)
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