Aust stocks set to open lower

Local market tipped for weak start as looming US default weighs on global bourses.

The Australian stock market looks set to open lower following falls on international markets as the United States budget standoff enters its eighth day with no end in sight, stoking worries of a catastrophic default.

At 0645 AEDT, the December share price index futures contract was down 31 points at 5,111.

In economic news on Wednesday, the Australian Bureau of Statistics releases international merchandise imports data for September while the Westpac/Melbourne Institute Survey of Consumer Sentiment is also due out.

In equities news, WorleyParsons (WOR) is due to hold its annual general meeting and Jetstar takes delivery of its first Dreamliner plane in Melbourne.

In Australia, the market on Tuesday closed lower as the political impasse in the United States over the budget and debt ceiling continues to spook investors.

The benchmark S&P/ASX200 index was down 11.7 points, or 0.23%, to 5,149.4 points.

The broader All Ordinaries index lost 12.5 points, or 0.24%, to 5,148.1 points