Australian market set to open flat

THE Australian market looks set to open flat following gains on US and European markets after news that Greece had sought a new bailout package.

THE Australian market looks set to open flat following gains on US and European markets after news that Greece had sought a new bailout package.

At 0645 AEST on Thursday, the June share price index futures contract was down one point at 5,477.

In local economic news on Thursday, the Australian Bureau of Statistics releases international trade in goods and services data and overseas arrivals and departures figures, both for May.

Meanwhile, the Australian Mobile Telecommunications Association holds a briefing on impact of technology on the retail sector and the tax avoidance parliamentary inquiry hearings continue in Sydney.

No major equities news is expected.

In Australia, the market on Wednesday gained more than one per cent as investors repositioned their portfolios on the first day of the new financial year.

The benchmark S&P/ASX200 index was up 56.7 points, or 1.04 per cent, at 5,515.7 points.

The broader All Ordinaries index was up 54.8 points, or 1.01 per cent, at 5,506.0 points.