Australian market set to open lower

The Australian market looks set to open lower after Wall Street fell for the sixth straight session, with the Dow posting another triple-digit decline after a morning rally fizzled.

At 0645 AEST on Wednesday, the share price index futures contract was down 51 points at 5,076.

Locally, in economic news on Wednesday, Reserve Bank of Australia governor Glenn Stevens is slated to speak at the National Reform Summit.

The Australian Bureau of Statistics releases quarterly construction work data.

In equities news, Seven Group, Westfield Corporation, BC Iron, Prime Media Group and WorleyParsons are among the companies expected to post results.

In Australia, the market on Tuesday posted its strongest gains in almost four years in a remarkable turnaround from Monday's $64 billion plunge.

The benchmark S&P/ASX200 index was up 136 points, or 2.72 per cent, at 5,137.3 points.

The broader All Ordinaries index was up 129.6 points, or 2.58 per cent, at 5,143.8 points.

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