Australian share market set to open flat

THE Australian market looks set for a flat open, after Wall Street recovered from a bruising sell-off on the first trading day of the year.

Trader James Riley, left, works on the floor of the New York Stock Exchange, Tuesday, Jan. 5, 2016. U.S. stocks are opening modestly higher as trading stabilizes a day after a plunge in China unsettled investors around the globe. (AP Photo/Richard Drew)

THE Australian market looks set for a flat open, after Wall Street recovered from a bruising sell-off on the first trading day of the year.

At 0700 AEDT on Wednesday, the March share price index futures contract was UP four points at 5,146.

Locally on Wednesday, the Australian Industry Group releases its Performance of Services Index (PSI) for December, and the car industry will announce its annual sale results.

In Australia, the market on Tuesday was lower as concerns about Chinese economic growth sparked falls on major markets around the world.

The benchmark S&P/ASX200 index was down 86.1 points, or 1.63 per cent, at 5,184.4 points.

The broader All Ordinaries index was down 83.6 points, or 1.57 per cent, at 5,239.2 points.