Australian market set to open lower

THE Australian market looks set to open lower after US and European stocks finished October on a down note, although bourses were up for the month.

Traders work on the floor of the New York Stock Exchange

THE Australian market looks set to open lower after US and European stocks finished October on a down note, although bourses were up for the month.

At 0645 AEDT on Monday, the December share price index futures contract was down 25 points at 5,211.

Locally, in economic news on Monday, the Reserve Bank of Australia (RBA) releases its index of commodity prices for October while the Australian Bureau of Statistics releases its September building approvals figures.

The Housing Industry Association releases its new home sales data, also for September, the Australian Chamber of Commerce and Industry provides its business expectations survey for the September quarter while the Australian Industry Group issues its performance of manufacturing index (PMI) for October.

RP Data Core Logic’s home value index for October is also due out, as is the TD Securities-Melbourne Institute’s inflation gauge for the same month.

In equities, Westpac is expected to post full year results.

In Australia, the market on Friday lost almost half a per cent, dragged down by poor performances from the banking and minerals sectors.

The benchmark S&P/ASX200 index was down 27.5 points, or 0.52 per cent, at 5,239.4 points.

The broader All Ordinaries index fell 21.6 points, or 0.41 per cent, to 5,288.6 points.