Australian market set to open lower

THE Australian market looks set to open lower following declines in US stocks on Friday.

NEW YORK, NY - DECEMBER 16: Traders work on the floor of the New York Stock Exchange (NYSE) following an announcement that the Federal Reserve will raise interest rates for the first time in nearly a decade on December 16, 2015 in New York, United States. The Fed approved a quarter-point increase in its target funds rate. The new target will go from 0 percent to 0.25 percent. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open lower following declines in US stocks on Friday.

The March share price index futures contract was down 40 points at 5,021.

On Friday, US stocks closed lower for the second straight day, following a decline in crude oil prices and a negative global response to the Federal Reserve’s interest hike.

In Australia, the market on Friday finished slightly higher as strength in banking stocks helped pare back earlier losses.

The benchmark S&P/ASX200 index was 4.7 points, or 0.09 per cent, higher at 5,106.7.

The broader All Ordinaries index was up 5.9 points, or 0.11 per cent, at 5,156.5.