October 11, 2016 / 9:36 PM / a year ago

Australia shares set to drop following Wall Street, NZ inches down

Oct 12 (Reuters) - Australian shares are expected to open
lower on Wednesday, tracking a tumble on Wall Street driven by a
weak start to the U.S. quarterly earnings season.
    Wall Street fell more than 1 percent as shares of aluminum
producer Alcoa and diagnostics test maker Illumina
 plunged, with worries over the make-up of the U.S.
Congress after November's election also weighing on
stocks. 
    The local share price index futures dropped 0.8
percent to 5,420, a 59.8-point discount to the underlying
S&P/ASX 200 index close, pointing to a sharply lower
opening.  The benchmark closed steady on Tuesday, adding 0.08
percent at 5479.80 points.
    New Zealand's benchmark S&P/NZX 50 index snapped
prior day gains and inched down 0.24 percent or 16.8 points, to
7,107.47 in early trade.
    
For a summary of overnight action across global markets, double
click on 
       
For a digest of the day's business stories in Australian 
newspapers, double click on 

 (Reporting by Justin George Varghese in Bengaluru; Editing by
James Dalgleish)

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