May 27 (Reuters) - Australian shares were expected to open higher on Friday, taking cues from broad gains across world markets as the latest U.S. Federal Reserve minutes relieved concerns over the impact of interest rate hikes. The local share price index futures rose 1%, a 70.1-point premium to the underlying S&P/ASX 200 index close. The benchmark ended 0.7% lower on Thursday. New Zealand's benchmark S&P/NZX 50 index rose 0.6% by 2221 GMT. (Reporting by Upasana Singh; Editing by Diane Craft) ((Upasana.Singh@thomsonreuters.com)) ((For more information on DIARIES & DATA: U.S. earnings diary [RESF/US] Wall Street Week Ahead [.N/O] Global Economy Week Ahead [DATA/] ................................................................ For latest top breaking news across all markets [NEWS1])) Keywords: AUSTRALIA STOCKS/MORNING The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.