Australian stocks to fall at open

Reported by AAP
Wednesday, March 7, 2012

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The Australian market looks set to open down more than one per cent following heavy falls on Wall Street overnight with investors nervous of a euro zone recession and Greece's debt-swap deal.

At 0645 AEDT on Wednesday, the March share price index futures contract was down 68 points at 4,142.

In economic news on Wednesday, the Australian Bureau of Statistics releases the national accounts, including gross domestic product, for the December 2011 quarter, while the Australian Industry Group/Housing Industry Association Performance of Construction Index (PCI) for February comes out.

Meanwhile, Reserve Bank of Australia deputy governor Philip Lowe to scheduled to address the Australian Industry Group's 12th Annual Economic Forum.

No major equities news is expected.

In Australia, the market on Tuesday closed firmly in the red after weaker base metals prices and a downwards revision of China's economic growth target weighed on mining stocks.

The benchmark S&P/ASX200 index was down 58.3 points, or 1.37 per cent, at 4,204.7 points, while the broader All Ordinaries index shed 58.7 points, or 1.35 per cent, to 4,295.5 points.

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17/05/2012 10:09Sydney, Australia. 17 May,2012
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