News: AMC Australia shares set to retreat on global growth worries

MELBOURNE, May 4 (Reuters) - Australian shares are set to open lower on Wednesday, easing from a six-month high hit after a rate cut, as resources stocks come under pressure from sliding oil and metals prices on renewed worries about global growth.

Local share price index futures YAPcm1 pointed to a weaker start, having fallen 1.2 percent to 5,292.0, a 61.8-point discount to the underlying S&P/ASX 200 index (xjo) close. The benchmark surged 1.95 percent on Tuesday after the Reserve Bank of Australia cut interest rates.

New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.2 percent to 6,829.16 in early trade.

The Aussie dollar's drop following the rate cut to a record low of 1.75 percent should boost companies with a large proportion of earnings offshore, like shopping mall operator Westfield (WFD), blood products maker CSL (CSL) and packaging maker Amcor (AMC).

The Australian government delivered its budget for the 2017 fiscal year on Tuesday night, which broker CommSec said could help building materials makers, developers, contractors and retailers benefiting from moves to build infrastructure, boost small businesses and create jobs.

BHP Billiton (BHP) may fall after prosecutors in Brazil filed a $44 bln lawsuit against the top global miner and its partner Vale for a tailings dam collapse last November that killed 19 people and polluted a major river.