Australian market set to open higher

THE Australian market looks set to open higher following positive leads from Wall Street and Europe, which gained despite an earlier plunge in China.

THE Australian market looks set to open higher following positive leads from Wall Street and Europe, which gained despite an earlier six per cent plunge in China stocks. At 0645 AEDT on Wednesday, the share price futures index was up 38 points at 4,941.

Locally, in economic news on Wednesday, the Australian Bureau of Statistics is due to release the December quarter consumer price index.

The ANZ-Roy Morgan weekly consumer confidence survey is also due out, as is the Westpac-Melbourne Institute Leading Indexes of Economic Activity.

In equities news, the National Australia Bank has its scheme meeting on demerger of Clydesdale Bank scheduled in Melbourne, while Drillsearch is due to hold its scheme meeting for Beach Energy merger in Sydney.

Meanwhile, Evolution Mining is expected to release its quarterly production report while GUD Holdings is slated to post half year financial results.

In Australia, the market was closed on Tuesday for the Australia Day public holiday.

The benchmark S&P/ASX200 index on Monday gained 90.6 points, or 1.84 per cent, to 5,006.6 points.

The broader All Ordinaries index rose 87.5 points, or 1.76 per cent, to 5,057.1 points.