Australian market set to open flat

THE Australian market looks set to open flat after Wall Street closed mixed with the market edgy due to concerns about global.

THE Australian market looks set to open flat after Wall Street closed mixed with the market edgy due to concerns about global growth and uncertainty about US monetary policy.

At 0645 AEST on Monday, the December share price index futures contract was down four points at 5,028.

However, Europe’s main stock markets rebounded strongly as traders welcomed some clarity from Federal Reserve chief Janet Yellen on the outlook for US interest rates.

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

In Australia, the market on Friday closed lower reversing early gains, with energy stocks pulling the stocks lower.

The likes of Oil Search and Santos, plus all four big banks, lost ground and offset gains by retailers and the big miners. The benchmark S&P/ASX200 index was down 29.6 points, or 0.58 per cent, at 5,042.1 points.

The broader All Ordinaries index was down 25.6 points, or 0.5 per cent, at 5,076.7 points.