Australian market set to open lower

THE Australian market looks set to open lower following falls on Asian and European markets as fears for global economic growth persist.

Traders monitor stock prices at the New York Stock Exchange, Friday, Jan. 15, 2016. U.S. stocks plunged again on Friday, completing the worst two-week start to a year ever. (AP Photo/Mark Lennihan)

THE Australian market looks set to open lower following falls on Asian and European markets as fears for global economic growth persist and the price of oil continues to fall.

At 0645 AEDT on Tuesday, the share price index was down 35 points at 4,782.

Locally, in economic news on Tuesday, the Australian Bureau of Statistics is due to release November lending finance figures while the ANZ-Roy Morgan weekly consumer confidence survey is also expected.

Deloitte is slated to release its predictions for 2016 and HSBC has an economics briefing.

In equities news, Rio Tinto is expected to release its fourth quarter production report, while AMCIL is slated to post half year financial results.

In Australia, the market on Monday fell amid heightened concerns about the Chinese economy following major falls on international markets.

The benchmark S&P/ASX200 index was 34.1 points, or 0.7 per cent, lower at 4,858.7.

The broader All Ordinaries index was down 36.7 points, or 0.7 per cent, at 4911.8 points.