Market expected to open softer

Heavy falls on Wall Street on Friday should dampen demand for stocks this morning

The Australian stock market looks set to open lower following strong falls on Wall Street last week.

At 0653 AEST, the September share price index futures contract was down seven points at 4762.

In economic news on Monday, the Reserve Bank of Australia (RBA) is due to release its index of commodity prices for June and the Australian Industry Group its performance of manufacturing (PMI) index, also for June.

The Dun and Bradstreet business expectations survey and TD Securities-Melbourne Institute its inflation gauge for June are also due.

No major equities news is expected.

In Australia, the market on Friday fell on the last day of trade in the financial year as cautious investors sold mining and insurance stocks.

Australia's share market gained 17 per cent over the past year, but the final week of 2012/13 proved a roller coaster ride as global markets worried about an end to US stimulus measures.

The benchmark S&P/ASX200 index on Friday was down 8.7 points, or 0.18 per cent, at 4,802.6 points, while the broader All Ordinaries index was down 9.4 points, or 0.2 per cent, to 4,775.4 points.

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