Australia shares set to open lower, NZ down
Aug 14 (Reuters) - Australian shares are expected to open lower on Monday, weighed by miners, as base metal prices slumped amid escalating tensions between the U.S. and North Korea. Chinese iron ore futures fell nearly 5 percent in a selloff triggered by a sharp retreat in steel prices amid concerns the Shanghai commodities exchange will lift margins on rebar contracts to fight speculative trading. The local share price index futures fell 0.1 percent to 5638, a 55.1-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 1.2 percent on Friday. New Zealand's benchmark S&P/NZX 50 index fell 0.05 percent or 3.8 points to 7715.31 at 22:08 GMT. (Reporting by Shanima A in Bengaluru; Editing by Chris Reese)