Australian market set to open lower

THE Australian market looks set to open lower after Wall Street slumped on worries about China and Greece.

THE Australian market looks set to open lower after Wall Street slumped on worries about China and Greece in a session that was overshadowed by a lengthy outage at the New York Stock Exchange due to technical problems.

At 0645 AEST on Thursday, the September share price index futures contract was down 31 points at 5,370.

In local economic news on Thursday, the Australian Bureau of Statistics releases June’s labour force data.

No major equities news is expected, but Telstra’s chief executive Andrew Penn will deliver a speech at a CEDA event. In Australia, the market on Wednesday fell two per cent amid concern over Greece’s debt crisis and China’s economy.

The benchmark S&P/ASX200 index was down 111.9 points, or 2.0 per cent, at 5,469.5 points.

The broader All Ordinaries index fell 107.5 points, or 1.93 per cent, at 5,456.5 points.