Australian market set to open lower

THE Australian market looks set to open lower after falls on Wall Street where stocks were dragged down by media company results.

NEW YORK CITY, NY - AUGUST 06: Traders work on the floor of the New York Stock Exchange (NYSE) on August 06, 2015 in New York City. The Dow Jones industrial average fell 120 points today as Wall Street braces for Friday's employment report which will give a more solid indication of the timing of a rate hike by the Federal Reserve. Spencer platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open lower after falls on Wall Street where stocks were dragged down by media company results.

At 0645 AEST on Friday, the September share price index futures contract was down 38 points at 5,490.

In local economic news on Friday, the Reserve Bank of Australia’s Statement on Monetary Policy is due out while the Australian Bureau of Statistics releases June’s overseas arrivals and departure figures, and housing finance data also for June.

The Australian Industry Group/Housing Industry Association performance of construction index (PCI) is also due out while the Financial Services Council’s annual conference continues in Brisbane.

In equities news, Virgin Australia is expected to post full year results.

Orica chief executive Alberto Calderon is scheduled to speak at a Melbourne Mining Club lunch.

In Australia, the market on Thursday pulled lower by big falls among the major banks after ANZ announced a $3 billion capital raising.

The benchmark S&P/ASX200 index dropped 63.9 points, or 1.13 per cent, to 5,610.1 points.

The broader All Ordinaries index shed 59.4 points, or 1.05 per cent, to 5,600.1 points.