Australian market set to open slightly up

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THE Australian market looks set to open slightly higher despite Wall Street falling, weighed down by financial and consumer discretionary stocks as some investors cashed in following a record-setting week.

At 0645 AEDT on Tuesday, the share price index was up six points at 5,478. Locally, in economic news on Tuesday, the Australian Bureau of Statistics releases Education and Work data.

In equities news, Ridley Corp, Wellard Group, Vocus Communications and Mayne Pharma have their annual general meetings.

Meanwhile, the Melbourne Economic Conference discusses the possible consequences of Donald Trumps US presidential election win, while ASIC chairman Greg Medcraft speaks at an AmCham lunch in Sydney.

In Australia, the market on Monday closed lower led by heavy falls from oil and gas producers and the major miners.

The benchmark S&P/ASX200 index fell 43.4 points, or 0.79 per cent, to 5,464.4 points.

The broader All Ordinaries index lost 37.9 points, or 0.68 per cent, to 5,532.6 points.