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The Australian sharemarket looks set to open more than three quarters of a per cent lower after falls on the US and European markets overnight.

At 4.50am, the June share price index futures contract was down 31 points, or 0.83 per cent, at 3966.

In economic news, Reserve Bank of Australia assistant governor (financial markets) Dr Guy Debelle is due to take part in a panel discussion at the Mortgage and Finance Association of Australia Industry Leaders Panel Forum in Adelaide.

No major equities news is expected.

Yesterday the market closed lower as investors expect a summit of European Union leaders this week to achieve little in solving the euro zone's ongoing problems.

The benchmark S&P/ASX200 index fell 20.4 points, or 0.5 per cent, to 4027.8 points, while the broader All Ordinaries index lost 21.8 points, or 0.53 per cent, to 4072.0 points.