Australia shares set to open flat ahead of U.S. election outcome; NZ gains

Australian shares were set to open flat on Wednesday as investors adopted a cautious stance ahead of the U.S. presidential election results with bets that a clear outcome is likely to deliver more fiscal stimulus.

Wall Street advanced overnight as Democratic nominee Joe Biden leads President Donald Trump in the final polls, raising expectations for a decisive outcome and a post-election stimulus package that would make good on Biden’s promises of infrastructure spending.

The local share price index futures were up 0.06pc, a 10.4-point discount to the underlying S&P/ASX 200 index close.

The benchmark climbed nearly 2pc on Tuesday.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.7pc in early trade.