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The Australian market looks set to open lower following a flat performance on Wall Street with investors mostly tentative ahead of Federal Reserve Chair Janet Yellen's testimony in Congress.

At 0645 AEDT on Thursday, the March share price index futures contract was down 17 points at 5,420.

In local economic news on Thursday, the Australian Bureau of Statistics releases private new capital expenditure and expected expenditure data for the December quarter.

In equities news, Qantas, the Seven Group, Nine Entertainment, Gindalbie Metals, Perpetual, and Transfield Services are expected to post first half results.

In Australia, the market on Wednesday closed flat with resources stocks weighing down the bourse due to investor concerns about the Chinese economy and weaker commodities prices.

The benchmark S&P/ASX200 index gained 3.2 points, or 0.06 per cent, to 5,437.

The broader All Ordinaries index added 3.0 points, or also 0.06 per cent, to 5,447.