Australian market set to open lower

THE Australian market looks set to open lower, following lifts on Wall Street but falls on European markets.

THE Australian market looks set to open lower, following lifts on Wall Street but falls on European markets as investors await the next move in Greece’s debt crisis.

At 0645 AEST on Wednesday, the June share price index futures contract was down 30 points at 5,367.

In local economic news on Wednesday, the Reserve Bank of Australia releases the index of commodity prices and the Australian Bureau of Statistics posts building approvals figures, both for May.

The RP Data Core Logic Home Value Index and the Australian Industry Group’s performance of manufacturing (PMI) index, both for May, are due out.

In equities news, search website operator Mitula Group is expected to list on ASX.

In Australia, the market on Tuesday ended the financial year on a positive note as investors prepare themselves for the year ahead. The benchmark S&P/ASX200 index was up 36.5 points, or 0.67 per cent, at 5,459.0 points, while the broader All Ordinaries index was up 34.6 points, or 0.64 per cent, to 5,451.2 points. AAP cdh