July 17 (Reuters) – Australian shares were set to open
higher on Monday, supported by a rise in oil prices and a
positive session on Wall Street last Friday.
The Dow and S&P 500 hit record highs on Friday after data
showed U.S. retail sales fell for a second straight month,
pointing to tame inflation and soft domestic demand that
diminished prospects of a third interest rate increase.
Oil prices rose on Friday as U.S. oil producers added only
two rigs and on signs of increased Chinese demand.
The local share price index futures rose 0.2
percent, a 61.1-point discount to the underlying S&P/ASX 200
index close. The benchmark closed 0.5 percent higher on
New Zealand’s benchmark S&P/NZX 50 index was largely
flat in early trade.
(Reporting by Urvashi Goenka in Bengaluru; Editing by Peter