The Australian share market is expected to open weaker on Monday amid renewed fears about global economic growth.

Around $34 billion was wiped from the local market in its biggest one-day fall in 15 months on Friday, with the S&P/ASX 200 index dropping two per cent.

The mood looks set to continue on Monday morning, with the futures market pointing to a 38-point dip at the open, CommSec chief economist Craig James said on Sunday.

US shares also fell sharply on Friday, with the Dow Jones Industrial Average closing down 115 points (0.69 per cent), at 16,544 points, erasing the blue-chip index’s gains for 2014.

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“We have been playing follow-the-leader with the Dow Jones in recent times,” Mr James said.

“Certainly if US and European stocks are cheapening up, that has implications for our market as well.”

The broad-based S&P 500 tumbled 22.16 (1.15 per cent) to 1,906.05, while the Nasdaq slumped 102.10 (2.33 per cent) to 4,276.24.

The lowering of economic growth forecasts for Germany, Europe’s largest economy, last week made for dreary action in most overseas markets, with the German DAX slumping 2.4 per cent and the French CAC 40 falling 1.6 per cent.

Profit reports from Citigroup, Intel and other companies in the US will be the main lead for the Australian share market in the coming week, while the subdued mood will likely attract bargain hunters.

“That’s going to be make or break in terms of the US share market, and that’s going to have implications for our market,” Mr James said.

“I think there will be some clear air in terms of the economy, and people will start to think about the true state of US economy, which is actually in good shape.

“It’s a week of consolidation – and perhaps some bargain hunting will come in.”

Mr James said he also expected further consolidation of the Australian dollar.

The local currency ended domestic trade at 87.79 US cents on Friday.