SYDNEY: Australian shares are set to fall on Thursday after Wall Street stocks dropped as disappointing earnings reports and employment data hurt investor sentiment, while miners may be hit by a selloff in commodities.
Local share price index futures fell 0.5 percent, a 29.2-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.5 percent on Wednesday.
New Zealand's benchmark NZX 50 index fell 0.5 percent to 4,579.8 in early trade.
US stocks fell sharply on Wednesday as the latest economic data continued a trend of indicators pointing to anaemic growth while bellwether companies disappointed on revenue.
A commodities selloff sent gold prices more than 1 percent lower on Wednesday, the biggest daily drop since bullion's historic decline in mid-April, although the metal pared some losses after the Federal Reserve stuck to its monetary stimulus plan.
Copper also slid, extending its deepest monthly drop in almost a year in April, due to concerns over growth in top metal consumer China and in the United States after data suggested the world's two biggest economies remain fragile.
Archer Daniels Midlands Co on Wednesday said it completed due diligence on GrainCorp Ltd and intends to move forward with a cash offer to acquire the Australian grain handler.
<Center><b><i>Copyright Reuters, 2013</b></i><br></center>
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