Australian market set to open higher

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

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

At 0642 AEST on Tuesday, the June share price index futures contract was up 15 points at 5,745.

US stocks closed up slightly after Intel announced it will buy rival chipmaker Altera for $US16.7 billion ($A21.9 billion).

Locally on Tuesday, the Reserve Bank holds its monthly board meeting and is widely expected to keep the cash rate unchanged after cutting it to a new record low of two per cent in May.

Economic data due out includes the ANZ-Roy Morgan weekly consumer confidence survey and Australian Bureau of Statistics’ balance of payments figures.

In equities news, Qantas chief executive Alan Joyce is among speakers at the AMP Amplify Festival breakfast, and Seven West Media holds a general meeting for vote on early redemption of convertible preference shares by Seven Group.

In Australia, the stock market on Monday closed weaker as investors backtracked on the big gains made on Friday.

The benchmark S&P/ASX200 index was down 41.8 points, or 0.72 per cent, at 5,735.4 points.

The broader All Ordinaries index was down 40.9 points, or 0.71 per cent, at 5,734.0 points.