Australian market set to open higher

THE Australian market looks set to open slightly higher after US and European bourses closed lower on global growth fears.

NEW YORK, NY - SEPTEMBER 18: Traders work on the floor of the New York Stock Exchange (NYSE) on September 18, 2015 in New York City. A day after the Federal Reserve decided not to raise interest rates, stocks fell on Friday with the Dow dropping over 290 points by the close. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open slightly higher after US and European bourses closed lower on global growth fears and amid the spreading Volkswagen scandal. At 0645 AEST on Friday, the share price index futures contract was up six points at 5,064.

No major economic is expected on Friday.

In equities news, Australia Post is expected to release its full year results.

Meanwhile, Oz Minerals chief executive Andrew Cole is slated to speak at an AICC lunch in Adelaide.

In Australia, the market on Thursday closed nearly 1.5 per cent higher as bargain-hunters moved in to buy stocks beaten down on Wednesday.

The benchmark S&P/ASX200 index was up 73.6 points, or 1.47 per cent, at 5,071.7 points.

The broader All Ordinaries index was up 69.8 points, or 1.39 per cent, at 5,102.3 points.