The Australian share market is set to fall after heavy losses on Wall Street, partly caused by the World Bank’s downgrading of its global growth forecast.

At 0700 AEST on Thursday, the March share price index futures contract was down 17 points at 5,442.

In economic news on Thursday, labour force data for May will be released.

In company news, Nexus Energy shareholders will meet to vote on Seven Group’s proposed takeover.

The market on Wednesday closed lower, with the benchmark S&P/ASX200 index dropping 15.7 points to 5,454 and the broader All Ordinaries index shed 16 points to 5,432.5.