Aust stocks set to open lower

Local market expected to begin weaker following falls on global bourses.

The Australian stock market looks set to open lower as international markets fall.

At 0645 AEDT, the December share price index futures contract was down 26 points at 5,346.

In economic news on Wednesday, Reserve Bank of Australia assistant governor (financial markets) Guy Debelle is slated to be a panel discussant at the Centre for International Finance and Regulation (CIFR) Forum on Perspectives on Financial Markets in Sydney.

The Australian Bureau of Statistics releases October international merchandise imports data and the Westpac-Melbourne Institute Leading Indexes of Economic Activity is due out, as is the Commonwealth Bank business sales indicator for October.

In equities news, Virgin Australia, Myer Holdings, Lynas Corporation, Cabcharge Australia, Kathmandu Holdings, Drillsearch Energy and PMP have annual general meetings scheduled.

In Australia, the market on Tuesday closed lower for a second straight day as investors sold banking shares on fears that US stocks are overpriced.

The benchmark S&P/ASX200 index was down 31.8 points, or 0.59%, at 5,352.9.

The broader All Ordinaries index was down 30.1 points, or 0.56%, at 5,347.8.

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