July 31, 2019 / 10:13 PM / 4 months ago

NZ slips, Australia shares also set to open lower after Wall Street drop

    Aug 1 (Reuters) - Australian shares are set to open lower on
Thursday, tracking a sharp drop on Wall Street, after U.S.
Federal Reserve Chairman Jerome Powell dampened expectations for
further interest rate cuts.
    The central bank announced its first interest rate cut in a
decade, as expected, but markets slipped after Powell's speech,
where he signaled that the cut was a "mid-cycle adjustment" and
likely not the first of a series of rate cuts.             
    The local share price index futures          fell 0.4% or 29
points at 2205 GMT, an 89.6-point discount to the underlying
S&P/ASX 200 index         close. The benchmark shed 0.5% in the
previous session.
    New Zealand's benchmark S&P/NZX 50 index         was down 
0.2% at 10,835.05 in early trade.

 (Reporting by Rashmi Ashok in Bengaluru
Editing by Matthew Lewis)
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