Australian market set to open higher

THE Australian market looks set to open higher, following gains on Wall Street.

THE Australian market looks set to open higher, following gains on Wall Street.

At 0653 AEST on Thursday, the June share price index futures contract was up seven points at 5,596.

In the US stocks gained helped by a wave of solid US economic data.

Locally on Thursday, official retail spending figures and international trade data are due out.

In Australia, the stock market on Wednesday slumped to its lowest level since January with sentiment about both the local and global economy poor.

The benchmark S&P/ASX200 index was down 52.4 points, or 0.93 per cent, at 5,583.6 points.

The broader All Ordinaries index was down 51.6 points, or 0.91 per cent, at 5,588.3 points.