Australian market set to open higher

THE Australian market looks set to open higher, following strong gains on Wall Street and in Europe.

NEW YORK, NY - SEPTEMBER 08: A trader works on the floor of the New York Stock Exchange during the afternoon of September 8, 2015 in New York City. The Dow jumped nearly 400 points by the time of the closing bell. Andrew Burton/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open higher, following strong gains on Wall Street and in Europe. At 0650 AEST on Wednesday, the September share price index futures contract was up 46 points at 5,146.

Overnight, US stocks were up by more than two per cent, rallying with most global equity markets following a rise in Chinese stocks and improved eurozone economic data.

Locally, in economic news on Wednesday, Reserve Bank of Australia deputy governor Philip Lowe is slated to speak at a Committee for Economic Development of Australia function in Melbourne while RBA assistant governor (financial markets) Guy Debelle speaks at a FX Global Code of Conduct briefing in London. Meanwhile, the Australian Bureau of Statistics releases July’s housing finance data and the Westpac/Melbourne Institute Survey of Consumer Sentiment is also due out.

In equities news, Echo Entertainment chief executive Matt Bekier speaks about the tourism industry’s future at American Chamber of Commerce in Australia lunch in Sydney and CUA releases annual earnings results.

In Australia, the market on Tuesday was higher, led by the big banks and miners.

The benchmark S&P/ASX200 index was up 84.8 points, or 1.69 per cent, at 5,115.2 point, while the broader All Ordinaries index was up 82.5 points, or 1.63 per cent, at 5,133.5 points.