Australian market set to open lower

THE Australian market looks set to open lower after Wall Street tumbled on worries about global growth and the burgeoning Volkswagen emissions scandal.

In Australia, the market on Tuesday finished higher.

THE Australian market looks set to open lower after Wall Street tumbled on worries about global growth and the burgeoning Volkswagen emissions scandal.

At 0645 AEST on Wednesday, the share price index futures contract was down 70 points at 5,086.

No major economic news is expected on Wednesday.

In equities news, Nufarm is expected to post full year results while BHP Billiton releases its annual report.

Meanwhile, the Tax Summit continues.

In Australia, the market on Tuesday finished higher despite losing much of its early morning gains as investors nervously await key Chinese economic data.

The benchmark S&P/ASX200 index was up 37.4 points, or 0.74 per cent, at 5,103.6 points.

The broader All Ordinaries index was up 34.4 points, or 0.67 per cent, at 5,130.8 points.