Aust stocks set for soft open

Local market expected to follow Wall St leads into negative territory.

The Australian stock market looks set to open lower following falls on Wall Street overnight amid warnings of weaker company profits.

At 0701 AEST, the September share price index futures contract was down 19 points at 5,041.

In economic news on Wednesday, the Australian Bureau of Statistics releases housing finance data for June and the Australian Industry Group/Housing Industry Association performance of construction index (PCI) for month just ended is also due out.

Meanwhile, Reserve Bank of Australia assistant governor (Financial Markets) Guy Debelle, is scheduled to take part in a panel discussion at the Funding Australia's Future Forum hosted by the Australian Centre For Financial Studies.

In equities news, BHP chief executive Andrew Mackenzie is slated to speak at a Asia Society Australia lunch, in Melbourne.

In Australia, the market on Tuesday close lower with the Reserve Bank of Australia's rate cut failing to lift the Australian share market into positive territory from its morning falls.

The benchmark S&P/ASX200 index was down 5.7 points, or 0.11%, at 5,105.6 points, while the broader All Ordinaries index lost 5.8 points, or also 0.11%, to 5,088.0 poin

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