Australian market set to open higher

THE Australian market looks set to open higher, despite falls on Wall Street following a mixed batch of earnings from retailers.

THE Australian market looks set to open higher, despite falls on Wall Street following a mixed batch of earnings from retailers and European shares declined after China’s main index again plunged.

At 0645 AEST on Wednesday, the share price index futures contract was up 13 points at 5,283.

In local economic news on Wednesday, the Westpac-Melbourne Institute Leading Indexes of Economic Activity is due out.

In equities news, Ardent Leisure, Arrium, Toll Group, iiNet, Treasury Wine Estates, Federation Centres, Seek, Recall Holdings, Mortgage Choice, ARB Corporation, The Reject Shop, Stockland and SeaLink are slated to post full year results.

Meanwhile, Woodside Petroleum is expected to post half year results.

And, Foxtel chief executive Richard Freudenstein is scheduled to be at an AICC lunch in Sydney.

In Australia, the market on Tuesday closed lower, pulled down by the big banks largely because the Commonwealth Bank was expected to lose ground given its recent capital raising and trading ex-dividend.

The benchmark S&P/ASX200 index was down 64.6 points, or 1.2 per cent, at 5,303.1 points.

The broader All Ordinaries index was down 59.2 points, or 1.1 per cent, at 5,309.4 points.