Australian market set to open lower

THE Australian market looks set to open lower after a volatile session on international markets ahead of an expected US interest rate rise.

THE Australian market looks set to open lower after a volatile session on international markets ahead of an expected US interest rate rise, as oil prices bounced from multi-year lows while weakness in credit markets weighed on sentiment.

At 0645 AEST on Tuesday, the share price index was down 16 points at 4,905.

In local economic news on Tuesday, federal treasurer Scott Morrison is expected to release the midyear budget update, and the Reserve Bank of Australia releases the minutes of its December board meeting.

The Australian Bureau of Statistics is due to release September quarter residential property prices and new motor vehicles sales figures for November.

Plus, the ANZ-Roy Morgan weekly consumer confidence survey is due out.

No major equities news is expected.

In Australia, the market on Monday fell two per cent to close below 5,000 points with the miners and energy stocks taking a beating on lower iron ore and oil prices.

The benchmark S&P/ASX200 index was down 100.9 points, or 2.01 per cent, at 4,928.6 points.

The broader All Ordinaries index was down 96.7 points, or 1.9 per cent, at 4,981.9 points.