The Australian market looks set to open lower after further doubt were raised regarding Greece’s bailout package and its ability to avoid default, and Moody’s ratings cut on six European nations due to the euro zone crisis.
At 0630 AEDT on Wednesday, the March share price index futures contract was down 14 points points at 4,195.
In economic news on Wednesday, the Westpac/Melbourne Institute Survey of Consumer Sentiment for February is released as are the Australian Bureau of Statistics (ABS) lending finances for December and its new motor vehicle sals for January.
In equities news, Commonwealth Bank of Australia, Dexus Property Group, Carsales.com, Noni B, Domino’s Pizza and The Reject Shop are all due to post first-half results, while Westfield Group and Westfield Retail Trust release full-year results.
In Australia, the market on Tuesday closed down after Moody’s downgrades of debt ratings of Italy, Spain and Portugal and, locally, softer commodity prices dragged the Australian share market almost one per cent lower.
The benchmark S&P/ASX200 index was down 42.3 points, or 0.99 per cent, at 4,242.8 points, while the broader All Ordinaries index had fallen 40.5 points, or 0.93 per cent, to 4318.9 points.
