Aust stocks set to open weaker

Local market expected to begin lower following falls on Wall Street

The Australian stock market looks set to open lower following falls on Wall Street amid concerns that the US Federal Reserve will scale back its bond-buying program more quickly than previously thought.

At 0645 AEDT, the December share price index futures contract was down 36 points at 5,218.

In economic news on Wednesday, The Australian Bureau of Statistics releases September quarter national accounts figures, including gross domestic product.

The Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (PSI) for November is due out.

News Corp chief executive Julian Clarke is to address a Melbourne Press Club lunch, while Boral chief executive Mike Kane is slated to speak at an American Chamber of Commerce in Australia event in Sydney.

In equities news, Dick Smith Holdings is due to list on the ASX, while TPG Telecom has its annual general meeting scheduled.

In Australia, the market on Tuesday closed lower for the third straight day, led down by the major miners and banks.

The benchmark S&P/ASX200 index was down 23.4 points, or 0.44%, at 5,256.1 points.

The broader All Ordinaries index was down 23.9 points, or 0.45%, at 5,249.6.

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