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  1. Australia shares set for third session of losses; NZ lower

Australia shares set for third session of losses; NZ lower

Australian shares are set to open more than 1 percent lower on Monday, extending losses into a third consecutive session, as the index takes a cue from Wall Street.

By: | Published: September 12, 2016 11:33 AM
The local share price index futures fell 1.5 percent, or 79 points to 5,246 points, a 93.2-point discount to the underlying S&P/ASX 200 index close. (Reuters) The local share price index futures fell 1.5 percent, or 79 points to 5,246 points, a 93.2-point discount to the underlying S&P/ASX 200 index close. (Reuters)

Australian shares are set to open more than 1 percent lower on Monday, extending losses into a third consecutive session, as the index takes a cue from Wall Street. Basic materials and energy stocks are expected to remain pressured by a stronger dollar, after recent remarks by U.S. Federal Reserve policymakers helped boost expectations of a rate rise in the near term.

Boston Fed President Eric Rosengren, a historically dovish policymaker, said the U.S. central bank faced increasing risks if it waited too much longer to raise interest rates. The local share price index futures fell 1.5 percent, or 79 points to 5,246 points, a 93.2-point discount to the underlying S&P/ASX 200 index close.

The benchmark lost nearly 1 percent on Friday. New Zealand’s benchmark S&P/NZX 50 index fell 1.2 percent, or 88.04 points, to 7,380.56 at 22:16 GMT. The benchmark lost close to 1 percent on Friday.

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