Australian market set to open higher

THE Australian market looks set to open higher following lifts in US and European.

THE Australian market looks set to open higher following lifts in US and European stocks and after the Reserve Bank hinted there could be another interest rate cut. At 0645 AEDT on Wednesday, the December share price index futures contract was up 29 points at 5,258.

Locally, in economic news on Wednesday, the Australian Bureau of Statistics releases September retail trade figures, along with international trade in goods and services data for the same month. The Australian Industry Group’s Australian Performance of Services Index (PSI) for October is due out.

And, Reserve Bank of Australia governor Glenn Stevens is at the Lowy Institute to launch The G20 and the Future of International Economic Governance, a new book from the Lowy Institute for International Policy and NewSouth Publishing.

In equities news, CSR is slated to post half year results, while Downer EDI, Echo Entertainment, Domino’s Pizza, Macmahon Holdings and nib have their annual general meetings.

In Australia, the market on Tuesday close more than one per cent higher after the Reserve Bank left the door open for a another interest rate cut.

The benchmark S&P/ASX200 index was up 73.4 points, or 1.4 per cent, at 5,239.2.

The broader All Ordinaries index rose 69.9 points, or 1.34 per cent, at 5,291.1.