Australian shares set to open higher; NZ slips

Australian shares were set to open higher on Friday in line with strength in the global markets on hopes that easing of stringent COVID-19 policies in China will restore global supply chains and curb inflation.

The local share price index futures (YAPcm1) rose 0.5%, a 38.5-point premium to the underlying S&P/ASX 200 index XJO close. The benchmark fell 0.7% on Thursday.

New Zealand's benchmark S&P/NZX 50 index NZ50G fell 0.1% by 2122 GMT.