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Australian share market likely to open lower

The Australian share market is poised to open slightly lower after mixed results across US markets overnight.

The SPI 200 futures contract was down 19 points, or 0.35 per cent, to 5,459.0 at 0800 AEST on Tuesday, indicating a marginal loss in early trade.

Wall Street was split as continued gains for technology and health care stocks helped cover more prevalent losses elsewhere. Almost 70 per cent of stocks fell on the S&P 500.

The index ended the day at a virtual standstill, up just 0.39 points at 2,930.19.

In Australia on Tuesday, Treasurer Josh Frydenberg is expected to give an update on the economy.

This will include an estimate of the federal budget balance, which will be greatly revised due to the economic impact of the coronavirus pandemic.

On the share market, building products manufacturer CSR will provide its full-year results.

The S&P/ASX200 benchmark index finished Monday up 70.1 points, or 1.3 per cent, at 5,461.2 points, while the All Ordinaries index gained 71.1 points or 1.3 per cent, to 5,559.1.

A stronger US dollar weighed on its Australian counterpart overnight.

One Australian dollar buys 64.90 US cents at 0800 AEST, down from 65.40 US cents at the close of trade on Monday.

Gold is trading at US$1695.77 an ounce.

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