Australian market set to open up slightly

THE Australian market looks set to open fractionally higher following falls on Wall Street.

Trader Brandon Barb works on the floor of the New York Stock Exchange, Monday, Nov. 2, 2015. Stocks opened slightly higher on Wall Street as the market comes off its biggest monthly gain in four years. Health care stocks were among the early winners. (AP Photo/Richard Drew)

THE Australian market looks set to open fractionally higher following falls on Wall Street after US Federal Reserve Chair Janet Yellen said the central bank could lift interest rates at its December meeting.

At 0645 AEDT on Thursday, the December share price index futures contract was up three points at 5,220.

Locally, in economic news on Thursday, Reserve Bank of Australia governor Glenn Stevens is slated to speak at Melbourne Institute’s 2015 Economic and Social Outlook conference while RBA deputy governor Philip Lowe participates in Financial Services Institute of Australasia’s (FINSIA) Regulators Panel Discussion in Sydney. National Retail Association chief executive Trevor Evans releases the national spending forecast.

In equities news, Commonwealth Bank is slated to give a first quarter trading update, while Fairfax Media, Ardent Leisure, Boral, Credit Corp and Perpetual have their annual general meetings. Rio Tinto iron ore boss Andrew Harding is scheduled to speak at The West Australian’s business breakfast in Perth.

In Australia, the market on Wednesday closed slightly higher, buoyed by the big miners.

The benchmark S&P/ASX200 index was up 3.1 points, or 0.06 per cent, higher at 5,242.3.

The broader All Ordinaries index rose 3.6 points, or 0.07 per cent, to 5,294.8.