Australian market set to open lower

THE Australian market looks set to open lower after losses on Wall Street overnight.

NEW YORK, NY - JUNE 24: A trader works on the floor of the stock exchange during the afternoon of June 24, 2015 in New York City. The Dow Jones Industrial Average plunged more than 150 points during debates over Greece's bailout. Andrew Burton/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open lower after losses on Wall Street overnight.

At 0705 AEST on Friday, the September share price index futures contract was down six points at 5,556.

US and European stocks lost ground after Greece and its international creditors failed to break the deadlock in emergency talks, raising the prospect of a messy Greek debt default at the end of the month.

In Australia, the market on Thursday fell almost one per cent after Greek Prime Minister Alexis Tsipras criticised the International Monetary Fund for rejecting his reform proposals. The benchmark S&P/ASX200 index was down 54.1 points, or 0.95 per cent, at 5,632.7 points.

The broader All Ordinaries index was down 52.8 points, or 0.93 per cent, at 5,619.9 points.