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Australia shares expected to open marginally higher; NZ slips in early trade
October 31, 2017 / 9:46 PM / 24 days ago

Australia shares expected to open marginally higher; NZ slips in early trade

    By Aaron Saldanha
    Nov 1 (Reuters) - Australian shares are expected to open
slightly higher on Wednesday, as oil prices continued upward and
iron ore prices in China stabilised after four straight losing
days.
    Brent crude         ended 0.7 percent higher at $61.37. That
was up about 37 percent from its 2017 lows hit in June, fueled
by a pledge by the Organization of the Petroleum Exporting
Countries (OPEC), Russia and other exporters to hold back about
1.8 million BPD in production to tighten markets.      
    Iron ore futures on the Dalian Commodity Exchange          
steadied at 428 yuan a tonne by the close, after four
consecutive days of losses, ending the month 5.8 percent lower.
          
    The local share price index futures          rose 0.4
percent, or 24 points, to 5,912, a 3-point premium to the
underlying S&P/ASX 200 index         close. 
    The benchmark fell 0.17 percent on Tuesday. PMI data
released on Tuesday showed the Chinese economy cooling, a
concern as it is a key market for Australian resource exports.
            
    New Zealand's benchmark S&P/NZX 50 index         fell 0.1
percent, or 11.74 points to 8,134.6 in early trade. The country
is set to release its unemployment rate for the third quarter,
which is expected to have hit a nine-year low.             

 (Reporting by Aaron Saldanha in Bengaluru; Editing by Mark
Heinrich)
  
 
 

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