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Australia shares set to edge higher, New Zealand up

Published 29/11/2018, 08:11 am
© Reuters.  Australia shares set to edge higher, New Zealand up
AXJO
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NZ50
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Nov 29 (Reuters) - Australian shares are expected to rise on Thursday, tracking a rally on Wall Street after Federal Reserve Chairman Jerome Powell hinted at a slower pace of rate hikes, while materials stocks are likely to gain on the back of robust iron ore prices.

Powell on Wednesday said the policy rate was "just below" neutral, easing worries of a faster pace of interest rate hikes next year. .N

The share price index futures YAPcm1 rose 0.8 percent or 41 points to 5,766, a 40.9-point premium to the underlying S&P/ASX 200 index .AXJO close. The benchmark closed down 0.06 percent on Wednesday.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.4 at 2104 GMT.

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