SYDNEY, Dec 4 (Reuters) - Australian shares look set for a rough ride on Friday after policy easing by the European Central Bank disappointed investors' high expectations, while a hike in U.S. interest rates seemed ever more likely this month.
Stock markets across Europe and in the United States all fell sharply on Thursday. Oil prices managed a rare bounce but most other commodities stayed under pressure.
Pointing to a poor start, share price index futures YAPcm1 slid 1.5 percent to 5,155.0, a hefty discount to the underlying S&P/ASX 200 index .AXJO of 5,2227. The benchmark eased 0.6 percent on Thursday.
New Zealand's benchmark NZX 50 index .NZ50 fell 0.4 percent 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