Australian market set to open flat

THE Australian market is set for a flat open, after US and European markets lost ground on worries about a potential Greek exit from the euro zone.

THE Australian market is set for a fairly flat open, after US and European markets lost ground on worries about a potential Greek exit from the euro zone.

At 0655 AEST on Friday, the June share price index futures contract was down three points at 5,732.

The Dow Jones Industrial Average dropped 0.2 per cent and Frankfurt’s DAX 30 index fell 0.79 per cent as the tense stand off between heavily indebted Greece and its creditors hung over a meeting of finance ministers from the Group of Seven nations in Germany.

Locally on Friday, HIA releases its new home sales and the Reserve Bank releases private sector credit data.

In Australia, the market on Thursday closed lower after the release of worse than expected capital expenditure figures.

Business investment fell 4.4 per cent in the March quarter, and is expected to fall further in the coming financial year.

The benchmark S&P/ASX200 index was 12.2 points, or 0.21 per cent, lower at 5,713.1.

The broader All Ordinaries index was down 9.6 points, or 0.17 per cent, at 5,714.6. AAP jcc/