Aust stocks set to open lower

Local market set to slip despite global bourses gaining on Summers' withdrawal

The Australian market looks set to open lower despite international markets mostly gaining on news Larry Summers had withdrawn from the Federal Reserve chairmanship race and lessened fears over Syria.

At 0645 AEST, the September share price index futures contract was down 22 points at 5,233.

In economic news, the Reserve Bank of Australia releases its monthly board meeting minutes, while the Australian Bureau of Statistics (ABS) releases August data for international merchandise imports and new motor vehicle sales.

In equities news, New Hope Coal is expected to post full year results.

In Australia, the market yesterday continued its run of gains that began on September 6, the day before the federal election.

The market has touched five-year highs and risen on six out of seven trading days since September 5 gaining more than 2%.

The benchmark S&P/ASX200 index gained 28.4 points, or 0.54%, to 5,248 points.

The broader All Ordinaries index was 27 points, or 0.52%, higher at 5,241.7.

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