Australian market set to open lower

THE Australian market looks set to open lower following falls on Wall Street.

NEW YORK, NY - JANUARY 27: A trader on the floor of the New York Stock Exchange reacts to the news that the Federal Reserve will not raise interest rates during the afternoon of January 27, 2016 in New York City. The Federal Reserve last raised rates in December, 2015. Andrew Burton/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open lower following falls on Wall Street after the US Federal Reserve failed to give investors a strong indication of when it might scale back future interest rate rises.

At 0645 AEDT on Thursday, the share price futures index was DOWN eight points at 4,907.

Locally, in economic news on Thursday, the Australian Bureau of Statistics is due to release the international trade price indexes for the December quarter.

In equities news, Energy Resources of Australia is slated to post half year financial results, and Fortescue Metals is expected to release its December quarter production report.

Australian Pharmaceutical Industries has its annual general meeting scheduled in Sydney, while M2 Group has its scheme meeting on the Vocus Communications offer in Melbourne.

In Australia, the market on Wednesday snapped a three-day winning streak as investors retreated on further falls in oil prices and a Chinese market plunge.

The benchmark S&P/ASX200 index was down 60.2 points, or 1.2 per cent, at 4,946.4 points.

The broader All Ordinaries index fell 56.3 points, or 1.1 per cent, to 5,000.8 points.