Australian market set to open higher

THE Australian market looks set to open sharply higher, following rallies in US and European stocks.

A specialist trader works at his post on the floor of the New York Stock Exchange October 5, 2015. REUTERS/Brendan McDermid

THE Australian market looks set to open sharply higher, following rallies in US and European stocks as weak US data fuels talk the US Federal Reserve will not lift its interest rates any time soon.

At 0645 AEDT on Tuesday, the December share price index futures contract was up 68 points at 5,209.

Locally, in economic news on Tuesday, the Reserve Bank of Australia has its monthly board meeting and announces its interest rate decision.

The Australian Bureau of Statistics releases international trade in goods and services data, plus overseas arrivals and departure figures, both for August.

Meanwhile, the ANZ-Roy Morgan weekly consumer confidence survey and the Dun and Bradstreet business expectations survey are also due out.

In equities news, Origin Energy shares are due to resume trade after first part of capital raising.

In Australia, the market on Monday closed almost two per cent higher as bargain hunters moved in and a weaker US dollar increased the appeal of the mining and energy sectors.

The benchmark S&P/ASX200 index was up 98.5 points, or 1.95 per cent, at 5,150.5 points.

The broader All Ordinaries index was up 94.9 points, or 1.86 per cent, at 5,184.1 points.