The Australian market finished lower on the last trading day of August, amid US rate rise doubts and a fresh rout on the Chinese share market. Major losses were led by the big banks, whilst the index heavyweight WOW dropped nearly 4 per cent after reporting a fall in its annual profit on Friday. All sectors performed negatively. The Australian dollar appreciated against the greenback however experienced mixed results against other major currencies.

Chinese stocks sank again, dragging most other Asian bourses lower amid uncertainty over US interest rates, reviving fears of a broader global economic slowdown that has rocked the world's financial markets.

Europe's main stock markets slid as investors still rattled by last week's turmoil pondered China's slowing economy and potential US interest rate moves. US stocks pared early losses but still ended lower on Monday as continued China fears weighed on global markets and investors considered the Fed's next move.

The Australian market looks set to open lower with the SPI Futures down 21 points after Wall Street fell with nervous investors selling down stocks amid continued worries over the potential impact of China's slowdown. In local economic news today, the Reserve Bank of Australia holds its monthly board meeting. Meanwhile, the Australian Bureau of Statistics releases balance of payments and international investment position for the June quarter. The ANZ-Roy Morgan weekly consumer confidence survey is also due out.

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