Australian market set to open lower

The Australian market looks set to open lower after mixed performances in world stocks in a chopping trading sessions and as oil pared earlier gains.

At 0645 AEDT on Friday, the share price index was down 32 points at 4,901.

In local economic news on Friday, the Reserve Bank of Australia is due to release its Statement on Monetary Policy, while the Australian Bureau of Statistics releases December retail trade figures.

And, the Australian Industry Group/Housing Industry Association performance of construction index (PCI) data for January is also due out.

In equities news, News Corp is expected to post second quarter earnings update, Whitehaven Coal, REA Group and NBN Co are slated to release half year results and Genworth Mortgage Insurance will post full year results.

In Australia, the market on Thursday closed two per cent higher in the wake of a strong rise in oil prices and the hope that weak US economic data will slow the pace of interest rate hikes in the US.

The benchmark S&P/ASX200 index was up 103.6 points, or 2.12 per cent, at 4,980.4 points.

The broader All Ordinaries index rose 98.5 points, or two per cent, at 5,029.3 points.


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