Australian market set to open lower

THE Australian market looks set to open almost four per cent lower after international markets plummeted on further concern over China’s slowing economy.

A trader on the floor of the New York Stock Exchange reads from his monitor August 24, 2015 in New York. US stocks finished sharply lower Monday, but far above the session's floor, following a bruising day in global financial markets sparked by mounting worries over the Chinese economy. US stocks have now dropped five straight days, but analysts warned of more turmoil possibly ahead. AFP PHOTO/DON EMMERT

THE Australian market looks set to open almost four per cent lower after international markets plummeted on further concern over China’s slowing economy.

At 0645 AEST on Tuesday, the share price index futures contract was down 191 points at 4,759.

International markets plunged overnight with the Dow dropping 588.47 points, or 3.58 per cent. London’s FTSE 100 lost 4.67 per cent, Frankfurt’s DAX shed 4.70 per cent and the NIKKEI tumbled 4.61 per cent.

In China, the Hang Seng fell 5.17 per cent while Shanghai plummeted a whopping 8.75 per cent.

Commodities were also hit with October delivery WTI oil down $US2.21 to finish below the $US40 mark, at $US38.24, and iron ore shedding $US2.82 to $US53.28. That means Australia’s resources companies can expect to have a bad day on the share market.

Locally, in economic news on Tuesday, the ANZ-Roy Morgan weekly consumer confidence survey is due out.

In equities news, BHP Billiton, Pacific Brands, Specialty Fashion Group, Amcor, Blackmores and Village Roadshow are among the companies reporting full year results while Oil Search, Petsec Energy and Scentre Group are among the companies due announce half year results.

In Australia, the market on Monday suffered its worst one-day drop in more than six years, plunging four per cent to a two-year low.

The benchmark S&P/ASX200 index was down 213.3 points, or 4.09 per cent, at 5,001.3 points, while the broader All Ordinaries index was down 210.6 points, or 4.03 per cent, to 5,014.2 points.