Iron ore futures dropped for a third day while oil prices settled slightly higher.

The index is also expected to mirror losses in Wall Street, weighed down by disappointing labor market data along with rising tensions in the North Korean peninsula.

The local share price index futures fell 0.4 percent to 5,676, an 82.8-point discount to the underlying S&P/ASX 200 index  close. The benchmark inched 0.1 percent lower on Thursday.

New Zealand's benchmark S&P/NZX 50 index  fell 0.3 percent or 21.46 points in early trade.