Australian sharemarket preview

THE Australian market looks set to open up, after Wall Street bounced back from early lows to finish in positive territory. At 7.21am (AEDT) today, the December share price index futures contract was up 43 points at 3939. In economic news today, The Australian Industry Group/Commonwealth Bank releases its Australian Performance of Services Index (PSI) for September and the Australian Bureau of Statistics (ABS) release retail trade data for August. In equities news, the JP Morgan/Fujitsu Australia Mortgage Industry Report, volume 14, is launched, Qantas CEO Alan Joyce and Airbus Chief Operating Officer Customers John Leahy hold a boardroom lunch and Coca-Cola Amatil chief executive Terry Davis is due to address an American Chamber of Commerce in Australia luncheon. In Australia, the market yesterday closed 0.6 per cent lower, with investors starting to hope that the central bank would cut interest rates for the first time in a year next month. The benchmark S&P/ASX200 index down 24.9 points, or 0.64 per cent, at 3872.1 and the broader All Ordinaries index dropped 25.1 points, or 0.63 per cent, to 3935.6.