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November 08 2012, 06:43AM

The Australian market looks set to open lower after Wall Street tumbled following US President Barack Obama's re-election, with investors now seeing a tough battle with Republicans over a looming "fiscal cliff".

At 0630 AEDT on Thursday, the December share price index futures contract was down 33 points at 4,463.

In economic news on Thursday, the Australia Bureau of Statistics is due to releast labour force statistics for October.

In equities news, Specialty Fashion Group is due to hold its annual general meeting.

In Australia, the market on Wednesday finished higher as US President Barack Obama's re-election sparked a late afternoon rally.

The All Ordinaries index jumped 16 points in the last 20 minutes of trade as the election result became known.

At the close, the benchmark S&P/ASX200 index was up 31.7 points, or 0.71 per cent, at 4,516.5, while the broader All Ordinaries index was up 30.5 points, or 0.68 per cent, at 4,534.2.