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The Australian share market looks set to open more than a third of a per cent lower, after Wall Street went from little changed to negative and back again following the tax reform bill vote.

At 0700 AEDT on Thursday, the share price futures index was down 22 points, or 0.36 per cent, at 6,057.

In the US, the Republican-controlled House of Representatives gave final approval to the largest overhaul of the US tax code in 30 years and cut $US1.5 trillion in taxes. The Senate has already voted in favour of the bill.

The proposed changes include cutting the corporate tax rate to 21 per cent, from 35 per cent, from January 1, which could boost company earnings and pave the way for higher dividends and stock buybacks.

In late afternoon trading, the Dow Jones Industrial Average was down 0.05 per cent, at 24,742.45, the S&P 500 was down 0.02 per cent, at 2,680.95, while the Nasdaq Composite was up 0.02 per cent, at 6,965.13 – at 0738 Thursday AEDT.

Locally, no major economic news is expected on Thursday.

In equities news, Dulux Group and Incitec Pivot have their annual general meetings scheduled.

The Australian market on Wednesday turned around a negative start to the day to edge fractionally higher, as miners, energy producers and several consumer-related stocks rose in value.

The benchmark S&P/ASX200 index closed hardly changed, up 3.8 points, or 0.06 per cent, at 6,075.6 points.

The broader All Ordinaries index lifted 4.7 points, or 0.08 per cent, to 6,167.9 points

Meanwhile, the Australian dollar is higher against a weaker US dollar with the impact of the tax reform bill already factored in to the greenback.

The local currency was trading at 76.66 US cents at 0700 AEDT on Thursday, from 76.61 on Wednesday.


One Australian dollar buys:

* 76.66 US cents, from 76.61 on Wednesday

* 86.95 Japanese yen, from 86.54 yen

* 64.54 euro cents, from 64.67 euro cents

* 57.26 British pence, from 57.21 pence

* 109.86 NZ cents, from 110.08 cents


The spot price of gold in Sydney at 0700 AEDT was $US1,265.506 per fine ounce, from $US1,263.37 per fine ounce on Wednesday.


* CGS 4.50 per cent April 2020, 2.0293pct, unchanged

* CGS 4.75pct April 2027, 2.6092pct, unchanged

Sydney Futures Exchange prices:

* March 2018 10-year bond futures contract at 97.310 (implying a yield of 2.690pct), from 97.335 (implying a yield of 2.665pct) on Wednesday

* March 2018 3-year bond futures contract at 97.840 (2.160pct), from 97.845 (2.155pct).

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