The Australian sharemarket is poised for a lower start after Wall Street took a pause as US stocks and even the price of gold pull back from record highs.

ASX futures were down 38 points, or 0.4 per cent, at 8957 as of 6.59 am AEDT, suggesting the market will give up its 0.3 per cent gain from Thursday . The Aussie dollar traded 0.5 per cent lower at US65.53¢ at 7.17 am as the US dollar climbed toward a 10-week-high.

After the iron ore miners’ gains on Thursday, Lynas Rare Earths could be one of the companies in the spotlight during Friday’s session after China announced curbs on its exports of the materials, which are critical for the making of everything from consumer electronics to jet engines. US rare earths miners rallied as the move fuelled bets that non-Chinese suppliers will be

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