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Aust shares look set to open lower

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The Australian dollar fell against the US dollar overnight.

The Australian dollar fell against the US dollar overnight.

The Australian market looks set to open lower after US stocks lost a little ground in offshore trade after some disappointing company earnings reports.

At 0700 AEDT on Wednesday, the share price futures index was down 27 points, or 0.45 per cent, at 5,974.

In the US, stocks dipped after a disappointing profit forecast from Priceline and as investors fretted that a Republican plan to cut corporate taxes could be watered down.

Locally, no major economic news is expected on Wednesday.

In equities news, Commonwealth Bank is expected to provide a first quarter trading update, while Fortescue Metals, Sims Metal Management Virgin Australia and Domino's Pizza have annual general meetings scheduled.

The Australian market on Tuesday closed higher after the S&P/ASX200 index reached its highest level in almost 10 years as stronger oil and iron ore prices drove a big day of gains. .

The benchmark S&P/ASX200 gained 60.5 points, or 1.02. per cent, to 6,014.3 points, while the the broader All Ordinaries index added 60.2 points, or 1.0 per cent, to 6,087.4 points.

Meanwhile, the Australian dollar fells in overnight trade after the Reserve Bank kept its interest rate unchanged on Tuesday.

The local currency was trading at 76.46 US cents at 0700 AEDT on Wednesday, down from 76.80 on Tuesday.


One Australian dollar buys:

* 76.46 US cents, from 76.80 on Tuesday

* 87.06 Japanese yen, from 87.55 yen

* 65.97 euro cents, from 66.17 euro cents

* 58.06 British pence, from 58.34 pence

* 1.107 NZ cents, from 110.80 cents


The spot price of gold in Sydney at 0700 AEDT was $US1,277.28 per fine ounce, from $US1,278.04 per fine ounce on Tuesday.


* CGS 4.50 per cent April 2020, 1.8381pct, unchanged

* CGS 4.75pct April 2027, 2.5334pct, unchanged

Sydney Futures Exchange prices:

* December 2017 10-year bond futures contract at 97.400 (implying a yield of 2.600pct), unchanged from Tuesday

* December 2017 3-year bond futures contract at 98.04 (1.960pct), from 97.060 (2.940pct).

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