Aust stocks set to open lower

Local market to follow weaker Wall St leads ahead of Bernanke testimony.

The Australian stock market looks set to open lower, after Wall Street snapped a three-day streak of records as investors looked ahead to Federal Reserve chairman Ben Bernanke's testimony to Congress.

At 0700 AEST, the September share price index futures contract was down six points at 4,941.

In economic news, the Australian Bureau of Statistics releases the merchandise import figures for June, while the Westpac-Melbourne Institute Leading Indexes of Economic Activity is also due out.

In equities news, BHP Billiton, Gindalbie Metals, Perseus Mining and Iluka Resources are slated to post quarterly reports.

In Australia, the market on Tuesday closed slightly higher, boosted by gains from resource companies on the back of record production results from mining heavyweight Rio Tinto.

The benchmark S&P/ASX200 index was up 4.9 points, or 0.1%, at 4,986.0 points, while the broader All Ordinaries index was up 3.0 points, or 0.06%, to 4,968.0 points.

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