May 13, 2020 / 10:33 PM / 23 days ago

Australia shares set to tumble on U.S. Fed's economic weakness warning

    May 14 (Reuters) - Australian shares were set to open lower
on Thursday, with energy stocks likely to weigh, after the U.S.
Federal Reserve warned of weak economic growth ahead that could
take months to recover.
    Wall Street slumped overnight following U.S. Fed Chair
Jerome Powell's warning of extended economic weakness due to the
coronavirus pandemic.             
    Oil prices also fell as the Fed's comments stoked demand
    The local share price index futures          fell about 1.1%
or 58 points, a 55.9-point discount to the underlying S&P/ASX
200 index         close. The benchmark closed up 0.35% on
    Meanwhile, New Zealand's benchmark S&P/NZX 50 index        
fell 0.4% by 2223 GMT.
    New Zealand's budget is due later in the day, with more
fiscal support for coronavirus impacted businesses expected to
be announced.    

 (Reporting by Nikhil Subba in Bengaluru
Editing by Chris Reese)
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