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Australia shares likely to tread water; NZ inches up
August 30, 2017 / 10:16 PM / 22 days ago

Australia shares likely to tread water; NZ inches up

    Aug 31 (Reuters) - Australian shares are expected to tread
water at Thursday's open, as gains inspired by an upward tick on
Wall Street are likely to be erased by falls in material stocks
hit by dampened metals prices.
    U.S. stock indexes rose on Wednesday after
stronger-than-expected economic growth data outweighed concerns
about escalating tensions between the United States and North
Korea, as well as the aftermath of Hurricane Harvey.     
    Meanwhile, Chinese iron ore futures dropped more than 1
percent on Wednesday, dragged by a slide in steel prices, while
benchmark nickel         ended down 1 percent as a failure to
break higher triggered a bout of profit-taking.           
       
    The local share price index futures          inched up 0.02
percent, or 1 point, to 5,651, a 18.7-point discount to the
underlying S&P/ASX 200 index         close. The benchmark rose
0.01 percent on Wednesday.
    New Zealand's benchmark S&P/NZX 50 index         rose 0.1
percent or 4.74 points to 7,779.94 at 2211 GMT.

 (Reporting by Chris Thomas in Bengaluru)
  
 
 

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