Australian market set to open higher

THE Australian market looks set to open higher following a mixed performance of US equities as the US dollar weakened and oil prices surged.

NEW YORK, NY - OCTOBER 05: Traders work on the floor of the New York Stock Exchange (NYSE) on October 5, 2015 in New York City. Despite mixed economic news in recent days, the Dow Jones industrial average rose over 300 points in trading today. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open higher following a mixed performance of US equities as the US dollar weakened and oil prices surged.

At 0645 AEDT on Wednesday, the December share price index futures contract was up 11 points at 5,180.

Locally, in economic news on Wednesday, Reserve Bank of Australia Assistant Governor (Financial Markets) Guy Debelle is slated to speak at the Australian Financial Markets Report Launch in Sydney.

The Australian Industry Group/Housing Industry Association’s performance of construction index (PCI) for September and the HIA’s new home sales data for August are due out.

And, Prime Minister Malcolm Turnbull is due to attend the launch of direct bidding app providing access to IPOs and placements. In equities news, Australian Foundation Investment Company has its annual general meeting in Melbourne.

In Australia, the market on Tuesday gained ground for a second straight session as confidence in China’s economy strengthens, and a weaker US dollar benefits resources companies.

The benchmark S&P/ASX200 index was up 16.9 points, or 0.33 per cent, at 5,167.4 points.

The broader All Ordinaries index was up 14.9 points, or 0.29 per cent, at 5,199 points.