Australian market set to open lower

The Australian market looks set to open lower following a sell-off on Wall Street as chances of an interest rate hike later this year rose after data pointed to firming inflation.

At 0645 AEST on Wednesday, the share price index was down 30 points at 5,368.

US consumer prices on Tuesday recorded their biggest increase in more than three years in April as petrol and rents rose.

Locally, in economic news on Wednesday, the Reserve Bank of Australia Assistant Governor (Financial Markets) Guy Debelle is slated to speak at the RMB FX Forum in Beijing.

Westpac-Melbourne Institute Leading Indexes of Economic Activity is due out.

In equities news, Coca-Cola Amatil and Iluka Resources have annual general meetings, while ING Direct chief executive Vaughn Richtor is slated to speak at an American Chamber of Commerce in Australia lunch in Sydney.

In Australia, the market on Tuesday closed higher, led by resources stocks after a rally in commodities prices.

The benchmark S&P/ASX200 index was up 37 points, or 0.69 per cent, at 5,395.9 points.

The broader All Ordinaries index was up 38.2 points, or 0.7 per cent, at 5,458.5 points.

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