The Australian market looks set to open lower, taking its lead from Wall Street. THE Australian market looks set to open lower, taking its lead from Wall Street which is down one per cent after weaker-than-expected Chinese manufacturing figures. At 0645 AEDT on Friday, the March share price index futures contract was down 41 points at 5,187. No major economic news is expected on Friday. In equities news, Telstra is expected to make a rebranding announcement. In Australia, the market on Thursday fell as disappointing Chinese economic data and weak leads from overseas markets prompted investors to sell. A preliminary HSBC purchasing managers' index suggested Chinese manufacturing looks set to contract in January, for the first time in six months, with a reading of 49.6 points, down from December's 50.5. The benchmark S&P/ASX200 index was down 56.8 points, or 1.07 per cent, at 5,263 points. The broader All Ordinaries index was down 55.8 points, or 1.05 per cent, at 5,275.5 points.