FED:Australian market set to open higher STOCKS AUST PREVIEW
SYDNEY, Oct 30 AAP - The Australian market looks set to open higher following gains on Wall Street as traders reacted to company earnings updates and US economic data ahead of the Federal Reserve's policy meeting.
At 0701 AEDT on Wednesday, the December share price index futures contract was up 26 points at 5,434.
A heavy schedule of US economic indicators showed a 0.1 per cent fall in September retail sales, a 0.1 per cent drop in producer prices, indicating weak inflation, and a 12.8 per cent year-on-year rise in home prices in August, even as many cities saw smaller gains compared with July.
Locally, no major economic news is expected on Wednesday.
In equities news, OceanaGold is expected to release third quarter results while Crown, JB Hi-Fi, Insurance Australia Group, Atlas Iron, Flight Centre and Transpacific Industries all have annual general meetings scheduled.
In Australia, the market on Tuesday fell as investors took profits after the recent record highs reached by three of the big four banks.
The benchmark S&P/ASX200 index was down 25.9 points, or 0.48 per cent, to 5,415.5 points.
The broader All Ordinaries index lost 26.6 points, or 0.49 per cent, to 5,410.7.