SYDNEY, Jan 28 (Reuters) - Australian shares faced further pressure on Thursday after Wall Street took a late spill, though a bounce in oil and some key commodity prices could support resource stocks.
The local share price index futures YAPcm1 fell 0.6 percent, putting them at a 63-point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark fell 1.2 percent on Wednesday to end at 4,946.
New Zealand's benchmark S&P/NZX 50 index .NZ50 was down 0.14 percent in early trade.
Wall Street dropped sharply on Wednesday after the U.S. Federal Reserve frustrated investors hoping for a strong sign it might scale back future interest rate hikes because of recent financial and economic turmoil. .N
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