Australian market set to open lower

THE Australian market looks set to open lower with European markets slipping ahead of Greece’s referendum on its bailout and future in the eurozone.

THE Australian market looks set to open lower with European markets slipping ahead of Greece’s referendum on its bailout and future in the eurozone.

At 0645 AEST on Monday, the September share price index futures contract was down seven points at 5,480.

US markets were closed on Friday for a public holiday.

In local economic news on Monday, the TD Securities-Melbourne Institute inflation gauge for June is due out as is the ANZ job advertisements series for the same month.

No major equities news is expected. However, former Westpac Home Finance manager David St Pierre faces court over a $2.5 million fraud.

In Australia, the market on Friday fell one per cent ahead of Greece’s referendum on bailout conditions.

The benchmark S&P/ASX200 index was down 61.5 points, or 1.1 per cent, at 5,538.3.

The broader All Ordinaries index lost 59.9 points, or 1.07 per cent, at 5,528.0.