The Australian market looks set to open lower later this morning, following falls on Wall Street overnight. Traders took gains off the table following a recent rally and ahead of an upcoming quarterly reporting season likely to reveal sharply lower earnings.

The SPI is down 16 points, at 4892.

Locally, no major economic news is expected.

In equities news, Westpac chairman Lindsay Maxsted and chief executive Brian Hartzer are slated to announce the next phase of the bank’s Bicentennial program.

Telstra Chief Technology Officer Vish Nandlall is slated to speak at an American Chamber of Commerce event in Sydney and the Australian Financial Review’s two-day Banking and Wealth Summit wraps up in Sydney.

Key numbers:

• SPI down 16 points at 4892
• AUD at US75.35 cents
• Dow Jones -0.8%, S&P500 -0.9%, Nasdaq -1.0%
• FTSE100 -1.2%, CAC -2.2%, DAX -2.6%
• Spot gold +1.1% at $US1230.10 an ounce
• Brent oil +0.7% at $US37.94 a barrel
• Iron ore -0.1% at $US54.75 a tonne

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