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The Australian stock market is heading for another fall after US stocks tumbled overnight despite a rate cut.

The SPI200 futures contract was down 92 points, or 1.44 per cent, at 6,276 at 0700 AEDT on Wednesday, suggesting local stocks will be heading south once more.

US stocks fell overnight after the US Federal Reserve announced a rate cut, saying the COVID-19 virus is an evolving risk to the economy.

The Australian dollar was buying 65.94 US cents, up from 65.45 US cents at Tuesday’s market close.