Views Article – Sharenet Wealth

Australasia, News

Australia shares set to open higher, NZ rises

By Soumyajit Saha June 17 (Reuters) – Australian shares are set to open higher after a record jump in U.S. retail sales buoyed Wall Street overnight, and as the domestic central bank pointed to a shallower-than-expected economic downturn due to the coronavirus pandemic. All three major U.S. stock indexes ended higher as risk sentiment received a boost from data that showed retail sales jump by a record 17.7% in May. The Reserve Bank of Australia on Tuesday said the economic downturn due to the coronavirus epidemic is possibly shallower than earlier expected. The local share price index futures rose 0.5%, a 31.7-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 3.9% on Tuesday. In New Zealand, the benchmark S&P/NZX 50 index rose 0.83% to 10,953.9 in early trade. (Reporting by Soumyajit Saha in Bengaluru; Editing by Sandra Maler)

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