Aust stocks set to open lower

Local market set to follow Wall St's downward lead after Fed official warned on taper.

The Australian stock market looks set to open lower following Wall Street's downward lead after a top Federal Reserve official warned the bank's stimulus measures couldn't continue forever.

At 0645 AEDT, the December share price index futures contract was down 21 points at 5,390.

In economic news on Wednesday, the Australian Bureau of Statistics releases September wage price index and October new motor vehicle sales data.

The Westpac/Melbourne Institute Survey of Consumer Sentiment is due out.

In equities news, DuluxGroup is expected to post full year results, CSR half year results, and Leighton Holdings third quarter results while Myer announces its first quarter sales results.

Fortescue Metals Group, Seven West Media, Aurizon, Breville Group, Computershare, REA Group, Mount Gibson Iron and Webjet have annual general meetings scheduled.

In Australia, the market on Tuesday edged higher as gains by mining and chemical companies offset more falls by the major banks.

The benchmark S&P/ASX200 index gained six points, or 0.11%, to 5,393.1.

The broader All Ordinaries index added six points, or 0.11%, to 5,386.8.