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Australia shares set to snap three-day losing streak; NZ up

By Reuters Staff 2 Min Read Dec 23 (Reuters) - Australian shares rose on Wednesday on the back of gains in financial and tech stocks after three straight sessions of losses due to fears over a fast-spreading new COVID-19 strain and fresh restrictions at home. The S&P/ASX 200 index rose 0.8% to 6,654.20 by 0039 GMT. The benchmark index dropped more than 2% over the past three sessions as the detection in Britain of the new coronavirus variant prompted many countries to shut their borders with the nation, raising fears of a slower global economic recovery. “Europe and the U.S. are high risk areas and money is leaving them and moving to other regions like New Zealand and Australia, where market risk is nearly the same but pandemic risk is much lower,” said Mathan Somasundaram, chief executive at Deep Data Analytics.

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