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Reuters
Reuters
Business

Australia shares set to trade sideways; New Zealand flat

FILE PHOTO - An investor uses his phone as he sits in front of a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia, June 21, 2017. REUTERS/David Gray

(Reuters) - Australian shares are expected to open flat on Wednesday with gains in financial stocks set to be offset by weaker materials stocks.

Financial stocks are expected to mirror their Wall Street peers, while materials are set to fall on lower commodity prices.

The local share price index futures <YAPcm1> fell one point to 6017.0, a 3.8-point premium to the underlying S&P/ASX 200 index <.AXJO> close. The benchmark rose 0.3 percent on Tuesday.

New Zealand's benchmark S&P/NZX 50 index <.NZ50> fell 0.1 percent in early trade.

(Reporting by Ambar Warrick in Bengaluru, Editing by William Maclean)

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