Australian market set to open flat

THE Australian market looks set to open flat despite US and European stocks rebounding on hopes of more eurozone monetary stimulus.

NEW YORK, NY - SEPTEMBER 28: A trader works on the floor of the New York Stock Exchange during the afternoon of September 28, 2015 in New York City. Stocks plunged nearly 300 points today, closing at just above 16,000. Andrew Burton/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open flat despite US and European stocks rebounding on hopes of more eurozone monetary stimulus.

At 0645 AEST on Thursday, the December share price index futures contract was down four points at 5,003.

In local economic news on Thursday, the Reserve Bank of Australia releases its index of commodity prices for September while the Australian Bureau of Statistics release August’s job vacancies figures.

Meanwhile, the Australian Industry Group’s performance of manufacturing (PMI) index for September is due out, as is the RP Data CoreLogic Home Value Index for the same month.

No major equities news is expected.

However, Telstra retail boss Gordon Ballantyne is scheduled to speak at an AmCham lunch in Sydney while uranium lobbyist and Toro Energy Limited managing director Vanessa Guthrie is slated to address the Sydney Mining Club, also in Sydney and Barrick Gold’s chief operating officer Jim Gowans is to speak at a Melbourne Mining Club lunch.

In Australia, the market on Wednesday recovered more than half of the $56 billion lost on Tuesday, as the mining giant at the centre of the worldwide plunge, Glencore, assured investors it is financially robust.

The benchmark S&P/ASX200 index was up 103.2 points, or 2.1 per cent, at 5,021.6 points.

The broader All Ordinaries index was up 100.5 points, or 2.03 per cent, at 5,058.6 points.