Australian market set to open lower

THE Australian market looks set to open lower after falls on Wall Street where weakness in petroleum-linked equities weighed on stocks.

NEW YORK, NY - JULY 29: Traders work on the floor of the New York Stock Exchange (NYSE) on July 29, 2015 in New York City. Following news that the Federal Reserve will keep interest rates unchanged combined with a continued recovery in oil prices, U.S. stocks closed higher on Wednesday. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open lower after falls on Wall Street where weakness in petroleum-linked equities weighed on stocks following poor earnings from ExxonMobil and Chevron and a drop in oil prices.

At 0645 AEST on Monday, the September share price index futures contract was down 12 points at 5,639.

In local economic news on Monday, the ANZ’s job advertisements series and the TD Securities-Melbourne Institute inflation gauge, both for July, are due out.

The Australian Industry Group performance of manufacturing (PMI) index, the RP Data Core Logic Home Value Index and the HIA New home sales for June, are also due out.

Meanwhile, CAPA Corporate Travel & Airport Innovation Summit in on in Sydney.

In equities news, Argo Investments is expected to post full year results while Talga Resources has its annual general meeting in Perth.

In Australia, the market on Friday overcame weakness in the mining sector to post its third straight day of gains.

The benchmark S&P/ASX200 index was up 29.7 points, or 0.52 per cent, at 5,699.2.

The broader All Ordinaries index added 28.6 points, or 0.51 per cent, to 5,681.7.