Australian market set to open higher

THE Australian market looks set to follow European and US stocks higher at the open, after the Federal Reserve held tight on its near-zero interest rate.

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, October 28, 2015. REUTERS/Lucas Jackson

THE Australian market looks set to follow European and US stocks higher at the open, after the Federal Reserve held tight on its near-zero interest rate but said the US economy is growing moderately.

At 0645 AEDT on Thursday, the share price index futures contract was up 42 points at 5,348.

Locally, in economic news on Thursday, the Australian Bureau of Statistics is due to release International trade price indexes for September quarter.

In equities news, ANZ releases its full year results while Woolworths is slated to post first quarter sales results.

JB Hi-Fi, Newcrest, Tabcorp, Southern Cross Media, Regis Healthcare and Freedom Foods have their annual general meetings, while Blackmores is expected to give a first quarter update and hold its AGM.

Meanwhile, Roy Hill chief executive Barry Fitzgerald is slated to speak at a WA Mining Club lunch in Perth.

In Australia, the market on Wednesday fell as weaker commodity prices and a disappointing profit from National Australia Bank outweighed increasing expectations of a Melbourne Cup day rate cut. The benchmark S&P/ASX200 index was down 11 points, or 0.21 per cent, at 5,335.2 points.

The broader All Ordinaries index was down 10.2 points, or 0.19 per cent, at 5,374.4 points.