Australian market set to open flat

THE Australian market looks set to open flat following mixed performances on US and European markets.

THE Australian market looks set to open flat following mixed performances on US and European markets after a revamped Greek government took over in an effort to enforce tough fiscal reforms that accompany a third bailout deal.

At 0645 AEST on Monday, the September share price index futures contract was down one point at 5,612.

No major local economic news is expected on Monday.

In equities news, Arrium is expected to release its fourth quarter production report, while Australian Foundation Investment Company is slated to post full year results.

In Australia, the market on Friday closed flat after a recovery on the back of the Greek bailout agreement ran out of puff.

The benchmark S&P/ASX200 index was up 0.5 points, or 0.01 per cent, at 5670.1 points.

The broader All Ordinaries index rose 2.7 points, or 0.05 per cent, at 5652.5 points.