Australian market set to open higher

THE Australian market looks set to open higher after US and European shares lifted.

Traders work on the floor of the New York Stock Exchange shortly after the opening of the markets in New York October 22, 2015. REUTERS/Lucas Jackson

THE Australian market looks set to open higher after US and European shares lifted on raised expectations the European Central Bank may announce more economic stimulus following a December policy stance review.

At 0645 AEDT on Friday, the December share price index futures contract was up 82 points at 5,314.

Locally, no major economic news is expected on Friday.

In equities news, Santos is expected to post its third quarter production report, ResMed is due to release its first quarter results while AMP is slated to give a third quarter cashflow update.

Qantas, Amalgamated Holdings, Vocation, Carsales, PaperlinX and Wollongong Coal have annual general meetings.

In Australia, the market on Thursday closed higher, helped by news of a massive takeover offer for energy giant Santos.

The benchmark S&P/ASX200 index was up 15.5 points, or 0.3 per cent, at 5,263.8.

The broader All Ordinaries index was up 13.1 points, or 0.25 per cent, at 5,299.6. AAP cdh