Australian market set to open higher

THE Australian market looks set to open higher after gains on international markets, with good economic data also helping to boost US and European shares.

Andrew Silverman, left, and a fellow trader work on the floor of the New York Stock Exchange, Thursday, Aug. 27, 2015. U.S. stocks closed sharply higher after China's main stock index logged its biggest gain in eight weeks. The Dow Jones industrial average climbed 369.26 points, or 2. 3 percent, to 16,654.77. (AP Photo/Richard Drew)

THE Australian market looks set to open higher after gains on international markets, including China’s, with good economic data also helping to boost US and European shares.

At 0645 AEST on Friday, the share price index futures contract was up 94 points at 5,280.

Equities in Europe and on Wall Street climbed on revised US data showing stronger US growth in the second quarter of 3.7 per cent, compared with the previous estimate of 2.3 per cent.

Locally, no major economic news is expected on Friday.

In equities news, Harvey Norman, Slater & Gordon, IOOF, Lovis, Mayne Pharma, Regis Healthcare, Regional Express and Woolworths are expected to post full year results.

In Australia, the market on Thursday more than one per cent higher helped by a rebound in key overseas markets.

The benchmark S&P/ASX200 index was up 60.5 points, or 1.17 per cent, at 5,233.3 points.

The broader All Ordinaries index was up 63.7 points, or 1.23 per cent, at 5,242.6 points. AAP cdh