Australian market set to open higher

THE Australian market looks set to open higher following gains on world markets after the Bank of Japan unexpectedly cut its interest rate to below zero.

NEW YORK, NY - JANUARY 29: Traders work on the floor of the New York Stock Exchange on January 29, 2016 in New York City. The Dow Jones Industrial Average rose more than 390 points today. Andrew Burton/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open higher following gains on world markets after the Bank of Japan unexpectedly cut its interest rate to below zero.

At 0645 AEDT on Monday, the share price futures index was up 37 points at 5,002.

In local economic news on Monday, the Reserve Bank of Australia is due to release index of commodity prices for January.

Also due out are the Australian Industry Group’s performance of manufacturing (PMI) index, the RP Data Core Logic Home Value Index and the TD Securities-Melbourne Institute inflation gauge, all for January.

In equities news, the Australian Competition and Consumer Commission takes Woolworths to court alleging the supermarket demanded more than $60 million from its suppliers.

In Australia, the market on Friday finished the week on a high note after enduring a fitful session of ups and downs throughout January.

The benchmark S&P/ASX200 index was up 29.3 points, or 0.59 per cent, at 5,005 points.

The broader All Ordinaries index rose 28.5 points, or 0.57 per cent, to 5,056.6 points.