Nov 8 (Reuters) - Australian shares are expected to rise on Friday, tracking a rally in global equities, after China and the United States agreed to cancel tariffs in phases as part of the first phase of a trade deal. No timetable was indicated, but a "phase one" deal is widely expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15 on about $156 billion worth of Chinese imports, including cellphones, laptop computers and toys. The local share price index futures rose 0.2% to 6,715 by 2104 GMT, a 11.6-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 1% on Thursday. New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 10,827.72 in early trade. (Reporting by Shriya Ramakrishnan in Bengaluru Editing by Chris Reese)
Our Standards: The Thomson Reuters Trust Principles.