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Australia shares seen down on weak gold outlook, NZ stocks steady

Published 22/07/2015, 08:25 am
© Reuters.  Australia shares seen down on weak gold outlook, NZ stocks steady
AXJO
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SYDNEY, July 22 (Reuters) - Australian shares are likely to have a weak start on Wednesday, tracking a Wall Street slide following disappointing earnings. Falling gold prices may also weigh on natural resources stocks.

Spot gold XAU= touched a five-year low this week with the market bracing for more losses on expectations of an U.S. interest rate hike and subdued demand for the metal from India. ID:nL1N1011U8

Local share price index futures .AXJO dipped 0.5 percent overnight, to sit at an 87.7-point discount to the close of the underlying S&P/ASX 200 index .AXJO on Tuesday. The benchmark rose 0.35 percent in the last session, having touched a six-week peak.

New Zealand's benchmark NZX 50 index .NZ50 was steady at 5,872.73 in early trade.

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

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