Australian market set to open lower

THE Australian stock market looks set to open lower following a weak lead from Wall Street.

Trader Fred DeMarco, left, works on the floor of the New York Stock Exchange Thursday, Oct. 1, 2015. U.S. stocks started a new month lower a day after the market wrapped up its worst quarter in four years. (AP Photo/Richard Drew)

THE Australian stock market looks set to open lower following a weak lead from Wall Street.

At 0703 AEST on Friday, the December share price index futures contract was down 18 points at 5,063.

Wall Street stocks finished mostly flat as investors react to mixed US economic data and wait for Friday’s much anticipated US non farm payrolls employment report.

In local economic news on Friday, the Australian Bureau of Statistics releases August retail trade figures.

In Australia, the market on Thursday closed higher for a second session in a row in the wake of positive overseas leads and better-than-expected Chinese manufacturing data.

The benchmark S&P/ASX200 index was up 90.5 points, or 1.8 per cent, at 5,112.1 points.

The broader All Ordinaries index was up 85.5 points, or 1.69 per cent, at 5,144.1 points.