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Markets

Australian shares set to open lower on trade, global growth fears; NZ down

Australian shares were likely to decline on Wednesday, in line with Wall Street, as weak US economic data fueled global

Sep 03 2019

Australian shares were likely to decline on Wednesday, in line with Wall Street, as weak US economic data fueled global growth fears amid an unceasing trade war.

US President Donald Trump on Tuesday warned he would be "tougher" on Beijing if trade talks extended beyond the 2020, US presidential election and he is re-elected, compounding market fears that the dispute could trigger a US recession.

The local share price index futures fell 0.6pc to 6,515.0, a 58.4-point discount to the underlying S&P/ASX 200 index close.

The benchmark inched down 0.1pc on Tuesday.

New Zealand's S&P/NZX 50 index dropped 0.5pc to 10,899.34 in early trade.

The benchmark had closed at an all-time high in the previous session.

Copyright Reuters, 2019