January 11, 2017 / 9:46 PM / a year ago

Australia shares expected to edge higher; NZ down

Jan 12 (Reuters) - Australian shares are expected to open
slightly higher on Thursday as a rebound in oil prices could
encourage investors to buy despite a choppy trade in U.S.
equities after a speech by President-elect Donald Trump.
    Oil prices rose on Wednesday by the most in over a month,
boosted by a weak dollar after Trump's speech and on news that
Saudi Arabia cut crude exports to Asia. 
    Drug stocks led losses on Wall Street after Trump criticised
pharmaceutical companies for charging high prices for drugs. 
    The local share price index futures rose 0.3
percent to 5746, a 25.5 point discount to the underlying S&P/ASX
200 index close. The benchmark closed 0.2 percent higher
on Wednesday.
    New Zealand's benchmark S&P/NZX 50 index fell 0.2
percent in early trade dragged by telecommunication stocks.
    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 Sindhu Chandrasekaran in Bengaluru; Editing by
Gareth Jones)

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