August 27, 2017 / 10:16 PM / a year ago

Australia shares expected to inch higher; NZ rises

    Aug 28 (Reuters) - Australian shares are set to edge higher
on Monday, with strong commodity prices likely to lift material
stocks, while a modest rise on Wall Street in the previous
session after Federal Reserve Chair Janet Yellen's speech is
also expected to boost sentiment.
    China's iron ore futures cut gains on Friday after hitting a
near five-month high, but still extended their winning streak to
a ninth straight week, backed by firm steel consumption in the
world's top user.           
    Meanwhile, Yellen's speech at the annual meeting of central
bankers in Jackson Hole, Wyoming, focused on financial stability
while giving no hint on monetary policy, leaving the prospect of
more interest rate hikes up in the air.     
    The local share price index futures          rose 0.1
percent or 6 points to 5,716, a 27.9-point discount to the
underlying S&P/ASX 200 index         close. The benchmark fell
0.03 percent on Friday.
    New Zealand's benchmark S&P/NZX 50 index         rose 0.2
percent or 13.77 points to 7,871.58 at 2213 GMT.

 (Reporting by Chris Thomas in Bengaluru; Editing by Sandra
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