Aussie shares set to plummet

Australian shares are set to follow Wall Street lower as weak US factory data and a revenue warning from tech giant Apple stokes fears of a global economic slowdown.

The SPI200 futures contract was down 40 points, or 0.72 per cent, at 5,537.0, at 0700 AEDT on Friday, hinting at an early slide for the benchmark ASX/200.

The bourse posted percentage-plus gains on Thursday thanks to a broadbased rally.

Technology stocks led a sell-off across global markets overnight after weaker iPhone sales in China saw Apple cut its revenue forecast for the first time in nearly 12 years.

In late trade on Wall Street, the Dow Jones Industrial Average fell 522.29 points, or 2.24 per cent, to 22,823.95, the S & P 500 lost 46.08 points, or 1.84 per cent, to 2,463.95 and the Nasdaq Composite dropped 157.19 points, or 2.36 per cent, to 6,508.75.

Meanwhile, the Aussie dollar has jumped back above 70 US cents after a dramatic flash crash, buying 70.02 US cents from 69.42 US cents on Thursday.

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