The Australian share market looks set to open firmly in the red following Wall Street’s the negative lead with the Dow and the S&P500 down as investors weigh the impact of a tax overhaul.

At 0700 AEDT on Wednesday, the share price futures index was down 27 points, or 0.45 per cent, at 5,953.

In the US, investors have been reallocating money to banks, retailers and other stocks seen as winning the most from tax cuts promised by President Donald Trump.

In late afternoon trading, the Dow Jones Industrial Average was down 0.36 per cent, the S&P 500 had lost 0.028 per cent, while the Nasdaq Composite had added 0.02 per cent to 6,776.79.

Locally, in economic news on Wednesday, the Australian Bureau of Statistics is due to release national accounts, including gross domestic product, data for the September quarter.

In equities news, TPG Telecom’s annual general meeting is set down for Wednesday, while Slater and Gordon has scheduled its shareholders claim meeting for Wednesday along with its AGM.

News Corp chief executive Robert Thomson is scheduled to participate in the UBS Annual Global Media and Communications Conference in the US.

The Australian market on Tuesday lost ground as falls in the heavyweight financial, mining and healthcare sectors outweighed a good session for retailers.

The benchmark S&P/ASX200 index fell 13.9 points, or 0.23 per cent, to 5,971.7 points.

The broader All Ordinaries index lost 13.8 points, or 0.23 per cent, to 6,056.8 points.

Meanwhile, the Australian dollar down against its stronger US counterpart.

The local currency was trading at 76.06 US cents at 0700 AEDT on Wednesday, from 76.48 on Tuesday.


One Australian dollar buys:

* 76.06 US cents, from 76.48 on Tuesday

* 85.65 Japanese yen, from 86.10 yen

* 64.38 euro cents, from 64.44 euro cents

* 56.59 British pence, from 56.77 pence

* 110.62 NZ cents, from 110.95 cents


The spot price of gold in Sydney at 0700 AEDT was $US1,265.63 per fine ounce, from $US1,275.87 per fine ounce on Tuesday.


* CGS 4.50 per cent April 2020, 1.9154pct, unchanged

* CGS 4.75pct April 2027, 2.5579pct, unchanged

Sydney Futures Exchange prices:

* December 2017 10-year bond futures contract at 97.435 (implying a yield of 2.565pct), from 97.385 (implying a yield of 2.615pct) on Tuesday

* December 2017 3-year bond futures contract at 97.995 (2.005pct), from 97.975 (2.025pct).

(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)