The Australian sharemarket is expected to open significantly lower after heavy falls on Wall Street and European markets.

Oil and base metal prices also plummeted, likely to spark falls in local resources stocks.

At 0645 AEST on the Sydney Futures Exchange, the September share price index contract was 78 points lower at 3,783.

In economic news on Friday, the Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (Australian PSI) for June is due.

In equities news, White Energy Company Ltd, First Opportunity Fund, JV Global Ltd, Red Sky Energy Ltd and Vital Metals Ltd hold general meetings.

The inaugural Delta Airlines Sydney to Los Angeles service will depart.

On Thursday, the Australian share market closed flat after earlier gains were whittled back despite advances in resources stocks and a positive lead from Wall Street.

The benchmark S&P/ASX200 index was up 3.3 points, or 0.09 per cent, at 3,877.3 points, while the broader All Ordinaries index advanced 2.9 points, or 0.07 per cent, to 3875.2 points.