Australian market set to open lower

THE Australian market looks set to open lower after Wall Street and European markets fell as volatile commodity prices and company results hit shares.

THE Australian market looks set to open lower after Wall Street and European markets fell as volatile commodity prices and company results hit shares.

At 0645 AEST on Wednesday, the September share price index futures contract was down 29 points at 5,617.

In local economic news on Wednesday, the Reserve Bank of Australia governor Glenn Stevens is slated to speak at an Anika Foundation event in Sydney.

Meanwhile, the Australian Bureau of Statistics is due to release the June quarter consumer price index while the Westpac-Melbourne Institute Leading Indexes of Economic Activity is also due out. In equities news, BHP Billiton is expected to release its fourth quarter production report while Petsec Energy is slated to have a briefing on its June quarter results.

And, Woolworths South Africa chief executive and David Jones chairman Ian Moir, Macquarie Capital’s head of Retail and Consumer David Mustow and Salmat CEO Craig Dower are among the speakers at Australian Israel Chamber of Commerce lunch.

In Australia, the market on Tuesday posted a sixth straight session of gains.

The benchmark S&P/ASX200 index was up 19.8 points, or 0.35 per cent, at 5,706.7 points.

The broader All Ordinaries index rose 19.5 points, or 0.34 per cent, at 5,588.5 points.