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The Australian share market is set to open lower on Thursday as investors watch for more news on the coronavirus that threatens to hurt global markets.

The SPI200 futures contract was down 30 points, or 0.454 per cent, at 6,625 at 0700 AEDT on Wednesday.

The futures market points to another fall when the local market opens but less severe than earlier this week.

A third straight day of huge losses on the Australian share market on Wednesday came close to wiping out the local bourse’s phenomenal gains since the start of the year.

US and European stock markets stabilised overnight in the absence of any significant fresh bad news regarding the spread of COVID-19.

The Australian dollar was buying 65.58 US cents at 0700 AEDT on Thursday, down from a near 11-year low of 65.88 US cents on Wednesday as the market closed.