Australian sharemarket preview

THE Australian market is set to open lower today due to doubts European leaders will agree on a package to resolve Europe's escalating debt crisis. Wall Street and European markets fell overnight due to reports key parts of the rescue package may not be ready in time for a leaders' summit tomorrow in Europe. At 7.05am (AEDT) today, the December share price index futures contract was down 37 points at 4179. In economic news today, the Australian Bureau of Statistics releases Consumer Price Index for September quarter. In equities news, Macarthur Coal releases its September quarter production report. Among companies holding annual general meetings is Super Retail Group, Toll Holdings, Tabcorp Holdings and Telecom Corporation of NZ. Yesterday, Australian shares reversed their previous strong gains to decline, as investors awaited key domestic inflation data and a meeting of European leaders to resolve the eurozone debt crisis. The benchmark S&P/ASX200 index closed down 27.1 points, or 0.64 per cent, at 4227.9, while the broader All Ordinaries index lost 25.9 points, or 0.6 per cent, to 4287.7.