Australian market set to open flat

THE Australian market looks set to open flat after Wall Street closed lower in its last session, dragged down by plunging oil prices.

THE Australian market looks set to open flat after Wall Street closed lower in its last session, dragged down by plunging oil prices and investor nervousness ahead of the Federal Reserve’s interest rate decision.

At 0645 AEDT on Monday, the December share price index futures contract was up one point at 5,021.

Investors appear nervous on expectations of the first US interest rate rise in nearly a decade, with the Fed meeting on December 16-17.

Also, oil is dragging on markets with investors worried that a weakness in commodities signals a broader slowdown.

Investors also appeared worried about declines in China’s yuan and in high-yield debt markets.

Locally, no major economic or equities news is expected on Monday.

In Australia, the market on Friday closed slightly weaker, consolidating ahead of a US interest rate decision next week. The benchmark S&P/ASX200 index was 8.2 points, or 0.16 per cent, lower at 5,029.5.

The broader All Ordinaries index was down 8.9 points, or 0.17 per cent, at 5,078.6.