Australia shares expected to open weaker on Wall St, iron ore lag
SYDNEY, April 17 (Reuters) - Australian shares are expected
to open lower on Friday as investors sell stocks following
another slide in the all-important iron ore price and a
lacklustre lead from Wall Street.
The local share price index futures fell six points
to 5938, a 0.2 percent discount to the underlying S&P/ASX 200
index close. The benchmark rose 39.08 points or 0.7
percent to 5,947.5 on Thursday.
On Thursday, the Dow Jones industrial average fell
0.4 percent as lingering worries about upcoming corporate
earnings reports offset enthusiasm about a trio of soaring Wall
Street debuts.
The price of steel-making ingredient iron ore slid back
below $50, less than half its value a year ago, increasing
pressure on heavyweight producers BHP Billiton (NYSE: BBL - news) and Rio
Tinto.
New Zealand's benchmark NZX 50 index was down 0.1
percent or 6.3 points at 6875.5 in early trade.
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(Reporting by Byron Kaye; Editing by Chris Reese)