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Shares to slip early after US rally ends

Shares on the Australian market are poised to slip in early trade after Wall Street ended its four-day run of gains.

The SPI 200 futures contract was down 14 points, or 0.23 per cent, to 5,986.0 at 0800 AEST on Friday, indicating losses early.

In the US overnight, a report showed that the number of workers filing for unemployment benefits eased for a ninth straight week, roughly in line with the market’s expectations.

Yet economists saw pockets of disappointment after the total number of people getting benefits rose slightly.

The S&P 500 lost 0.3 per cent to 3,112.35 after being on track earlier in the day for its longest winning streak since December. The Dow Jones Industrial Average rose 0.1 per cent to 26,281.82 and the Nasdaq composite fell 0.7 per cent, to 9,615.81.

In Australia today, the federal government will outline changes to foreign investment laws. The changes are designed to protect companies critical to Australia’s national security.

The Australian Industry Group will publish data on the performance of the services sector for May.

The S&P/ASX200 benchmark index hit a peak of 6,040.2 before retreating somewhat to finish Thursday up 50.2 points, or 0.84 per cent, at 5,991.8 points.

The All Ordinaries index rose 47.1 points, or 0.78 per cent, at 6,112.

One Australian dollar was buying 69.41 US cents at 0800 AEST, up from 68.90 US cents at the close of trade on Thursday.

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