Australian market set to open higher

THE Australian market looks set to open higher after solid gains in world stocks, easing fears of global deflation.

Specialist Anthony Matesic, left, and trader Thomas Cicciari work on the floor of the New York Stock Exchange, Friday, Feb. 12, 2016. U.S. stocks opened higher, seeking their first gain this week, as beaten-down energy and financial companies rebounded. (AP Photo/Richard Drew)

THE Australian market looks set to open higher after solid gains in world stocks as China’s central bank fixed the yuan at a much stronger rate and oil prices held on to recent gains, easing fears of global deflation.

At 0645 AEDT on Tuesday, the share price index was up 35 points at 4,820.

In local economic news on Tuesday, the Reserve Bank of Australia releases its February board meeting minutes, while the Australian Bureau of Statistics is due to release December lending finance figures.

The ANZ-Roy Morgan weekly consumer confidence survey is also due out.

In equities news, National Australia Bank is expected to release its first quarter trading update, while CSL, Pacific Brands, The Star Entertainment Group, Greencross, Bradken, Monadelphous and GWA Group are among the companies slated to post half year results. InvoCare is due to release full year results.

In Australia, the market on Monday closed more than 1.5 per cent higher with investors flocking to BHP Billiton, Rio Tinto and banking stocks.

The benchmark S&P/ASX200 index was up 78.2 points, or 1.64 per cent, at 4,843.5 points.

The broader All Ordinaries index was up 76.8 points, or 1.59 per cent, at 4,893.4 points.