Australian market set to open higher

THE Australian market looks set to open higher, following solid gains on Wall Street.

NEW YORK, NY - OCTOBER 08: Retired professional hockey player Eric Cairns (L) and professional hockey player Thomas Hickey talk to a trader on the floor of the New York Stock Exchange after helping ring the opening bell on October 8, 2015 in New York City. Various members of the National Hockey League helped ring this morning's opening bell. Andrew Burton/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open higher, following solid gains on Wall Street.

At 0656 AEDT on Friday, the December share price index futures contract was up 62 points at 5,256.

US stocks were up almost one per cent, after the release of the minutes of the US Federal Reserve’s September policy meeting at which it decided against raising its key interest rate.

Fed members were close to deciding on an interest rate hike but decided to wait to see how much the global economic slowdown was impacting the American economy.

Locally on Friday, the Australian Bureau of Statistics releases housing finance figures for August.

In Australia, the market on Thursday overcame a late slide to post a fourth straight daily gain, its longest winning streak since August.

The benchmark S&P/ASX200 index was up 12.5 points, or 0.24 per cent, at 5,210.4 points.

The broader All Ordinaries index was up 13 points, or 0.25 per cent, at 5,241.4 points.