The Australian market looks set to open lower after Wall Street fell sharply with the S&P 500 sinking to its lowest since October 2014 as oil prices sank below $30 per barrel and fears grew about economic trouble in China.

At 0645 AEDT on Monday, the share price index was down 87 points at 4,745.

Locally, in economic news on Monday, the Australian Bureau of Statistics is due to release December new motor vehicles sales figures while the TD Securities-Melbourne Institute’s inflation gauge for December is also expected.

No major equities news is expected.

In Australia, the market on Friday reversed early gains to finish in the red as investors fretted about China and oil prices.

The benchmark S&P/ASX200 index was 16.6 points, or 0.34 per cent, lower at 4,892.8.

The broader All Ordinaries index was down 15.6 points, or 0.31 per cent, at 4,948.5.