Australian market set to open lower

THE Australian market looks set to open lower after falls on Wall Street which shed early gains, and oil prices again fell.

Trader Timothy Nick, center, works on the floor of the New York Stock Exchange, Tuesday, Jan. 19, 2016. U.S. stocks are opening higher, led by gains in banks and technology companies. (AP Photo/Richard Drew)

THE Australian market looks set to open lower after falls on Wall Street which shed early gains, and oil prices again fell.

At 0645 AEDT on Wednesday, the share price index was down 53 points at 4,795.

Locally, in economic news on Wednesday, the Commonwealth Bank business sales indicator is due out, as is the Westpac/Melbourne Institute survey of consumer sentiment.

In equities news, BHP Billiton is expected to release its second quarter production report and Australian Foundation Investment Company (AFIC) is slated to post half year results.

Meanwhile, Nigella Lawson is scheduled to attend the Business Chicks breakfast in Brisbane.

In Australia, the market on Tuesday rose for only the second time in 2016.

The benchmark S&P/ASX200 index was up 44.4 points, or 0.91 per cent, at 4,903.1 points, while the broader All Ordinaries index was rose 43.3 points, or 0.88 per cent, to 4,955.1 points.