June 11, 2020 / 10:31 PM / 24 days ago

Australian shares set to open lower tracking Wall St; NZ drops 3%

    June 12 (Reuters) - Australian shares looked set to drop at
the open on Friday, tracking sharp losses on Wall Street, as
renewed concerns over a resurgence of the coronavirus pandemic
were exacerbated by a dour economic forecast from the U.S.
Federal Reserve.
    All three major U.S. stock indexes closed down more than 5%,
posting their worst day since mid-March.             
    The local share price index futures          slid 3%, a
185.6-point discount to the underlying S&P/ASX 200 index        
close. The benchmark fell just over 3% on Thursday, snapping a
seven-session winning streak.
    New Zealand's benchmark S&P/NZX 50 index         fell 3.2% 
in its worst session since March 23 in early trade. 

 (Reporting by A K Pranav in Bengaluru; Editing by Leslie Adler)
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