Australian market set to open higher

THE Australian market looks set to open higher after US shares mainly rose following a report showing that US consumer confidence had defied expectations.

NEW YORK, NY - SEPTEMBER 28: A trader works on the floor of the New York Stock Exchange during the afternoon of September 28, 2015 in New York City. Stocks plunged nearly 300 points today, closing at just above 16,000. Andrew Burton/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open higher after US shares mainly rose following a report showing that US consumer confidence had defied expectations and risen.

At 0645 AEST on Wednesday, the December share price index futures contract was up 41 points at 4,925.

In local economic news on Wednesday, the Reserve Bank of Australia releases August’s financial aggregates data while the Australian Bureau of Statistics release building approvals figures for the same month.

In equities news, ASX and AGL Energy have their annual general meetings.

In Australia, the market on Tuesday plunged well over three per cent, pulled down mainly by a big sell-off of resources stocks, especially global miner BHP Billiton.

The benchmark S&P/ASX200 index plummeted 195.1 points, or 3.82 per cent, at 4,918.4 points.

The broader All Ordinaries index fell 187 points, or 3.63 per cent, at 4,958.1 points.