Jan 4 (Reuters) - Australian shares are set to open flat on Wednesday, with positive leads from Wall Street and European markets tempered by losses in commodities such as iron ore and oil.
Local share market futures YAPcm1 were little changed overnight at 5,704 points, a 0.5 percent discount to the underlying S&P/ASX 200 index .AXJO .
The benchmark began the year up 1.2 percent, hitting a 19-month high on Tuesday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 opened 2017 up 0.5 percent or 38.25 points, touching its highest in a month at 6,919.5 in early trade.
Healthcare and materials stocks led initial gains, with medical device maker Fisher and Paykel FPH.NZ up 2.1 percent.
For a summary of overnight action across global markets, double click on AU/CALL
For a digest of the day's business stories in Australian newspapers, double click on PRESS/AUB