Australian market set to open lower

THE Australian market looks set to open sharply lower following significant falls on international markets.

NEW YORK, NY - AUGUST 21: A trader works on the floor of the New York Stock Exchange (NYSE) on August 21, 2015 in New York City. The Dow fell over 500 points in trading today as global markets continue to react to economic events in China. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open sharply lower following significant falls on international markets amid further fears over China’s economy and a Greek exit from the eurozone.

At 0645 AEST on Monday, the share price index futures contract was down 110 points at 5,058.

Locally, in economic news on Monday, the Reserve Bank of Australia is due to release a research discussion paper called Housing Wealth Effects: Cross-sectional Evidence from New Vehicle Registrations.

In equities news, Fortescue Metals, BlueScope Steel, Hills, NIB, Lend Lease, UGL and Beach Energy are among the companies reporting full year results while Caltex Australia, Patties Foods and APN Outdoor are among the companies due announce half year results.

In Australia, the market on Friday closed sharply lower with the main indices more than one per cent weaker as all sectors fell into the red, except for gold, on fears about China’s slowing economy. The benchmark S&P/ASX200 index was down 74 points, or 1.4 per cent, at 5,214.6 points.

The broader All Ordinaries index was down 70.7 points, or 1.34 per cent, to 5,224.8 points.