Australian market set to open higher

THE Australian market looks set to open higher following a muted session on Wall Street after Moody’s slashed its 2016 growth forecast.

THE Australian market looks set to open higher following a muted session on Wall Street after Moody’s slashed its 2016 growth forecast for the Group of 20 economies due to the hit from a slowing Chinese economy.

At 0645 AEST on Monday, the September share price index futures contract was up 12 points at 5,246.

Locally, in economic news on Monday, the Reserve Bank of Australia is due to release financial aggregates data for July. The Australian Bureau of Statistics’ business indicators for the June quarter is also due out, as is the TD Securities-Melbourne Institute inflation gauge for August and Housing Industry Association new home sales for July.

In equities news, Atlas Iron and Australian Ethical Investment are expected to post full year results.

In Australia, the market on Friday finished in the black thanks to positive global leads and higher oil prices.

The benchmark S&P/ASX200 index was up 30.3 points, or 0.58 per cent, at 5,263.6 points, while the broader All Ordinaries index was up 32.1 points, or 0.61 per cent, to 5,274.7 points.