Australian market set to open lower

THE Australian market looks set to open lower after falls on US and European markets.

THE Australian market looks set to open lower after falls on US and European markets following disappointing US home sales and China factory output data.

At 0645 AEST on Monday, the September share price index futures contract was down 49 points at 5,467.

New US home sales ran at an annual pace of 482,000 units in June, and May’s rate was cut to 517,000 units from the original report of 546,000.

China’s Caixin’s Purchasing Manager’s Index (PMI) came in at 48.2 in July, the weakest reading since 48.1 in April 2014, according to Markit’s data.

In local economic news on Monday, CEDA has a panel discussion on the future workforce while the Self Managed Super Fund Association and the National Australia Bank’s report into SMSF sector is due out and the Financial Services Council and Commonwealth Bank release a study on older workers.

In equities news, iiNet has a scheme meeting for a vote on the proposed TPG takeover, Atlas Iron is expected to release June quarter production results while Navitas’ full year results are expected.

In Australia, the market on Friday closed lower for a third straight day, following a weak lead from Wall Street and pessimistic manufacturing data from China.

The benchmark S&P/ASX200 index was down 24.2 points, or 0.43 per cent, at 5,566.1.

The broader All Ordinaries index lost 22.2 points, or 0.44 per cent, to 5,556.8.