Australian market set to open lower

The Australian market looks set to open slightly lower after Wall Street has mainly fallen despite the Dow Jones hitting a record high for the third straight session.

At 0645 AEDT on Thursday, the share price index was down eight points at 5,5488.

Expectations that markets would benefit from US President-elect Donald Trump's policies have helped boost Wall Street shares.

New orders for US manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment, the latest indication of an acceleration in economic growth early in the fourth quarter.

The Dow hit another record high, but the S&P 500 and Nasdaq slipped after touching record intraday and closing highs over the past two days.

Locally, in economic news on Thursday, the Australian Bureau of Statistics releases detailed October labour force figures and September quarter managed funds figures.

In equities news, Woolworths, South32, SEEK, Qube Holdings, Cabcharge and Evolution Mining hold their annual general meetings.

Meanwhile, the East Coast Gas and Energy Summit is on in Adelaide.

In Australia, the market on Wednesday hit a five-week high as high commodity prices, a Wall Street tailwind and adjusted expectations of local interest rate cuts helped near-across-the-board gains.

The benchmark S&P/ASX200 index rose 71.1 points, or 1.3 per cent, to 5,484.4 points.

The broader All Ordinaries index gained 69.3 points, or 1.3 per cent, to 5,549.9 points.


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