Australian market set to open higher

THE Australian market looks set to open higher after Wall Street gained despite disappointing retail sales figures.

THE Australian market looks set to open higher after Wall Street gained despite disappointing retail sales figures.

At 0645 AEST on Wednesday, the September share price index futures contract was up 15 points at 5,533.

US retail sales fell 0.3 per cent in June as consumers pulled back spending in a broad array of areas. Analysts had expected a 0.3 per cent rise.

Wall Street stocks seemed to be propelled by reports of a possible $US23 billion ($A31.06 billion) acquisition of chipmaker Micron by Chinese investors.

In local economic news on Wednesday, the Westpac/Melbourne institute survey of consumer sentiment and the Australian Bureau of Statistics’ new motor vehicles sales for June are due out.

Meanwhile, National Australia Bank chief executive Andrew Thorburn is slated to address trans-Tasman Business Circle lunch. And, the Australian Uranium Conference is on in Perth.

In equities news, mobile and data provider Amaysim is due to list on the ASX.

In Australia, the market on Tuesday closed almost two per cent higher on the back of an agreement between Greece and its European creditors.

The benchmark S&P/ASX200 index was up 104.2 points, or 1.9 per cent, at 5577.4 points.

The broader All Ordinaries index gained 101.5 points, or 1.86 per cent, to 5561.9 points.