Australian stock market set to open higher

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THE Australian market looks set to open higher following gains in the US, UK, Germany and France, despite initial investor concerns about the economic fallout from Italian Prime Minister Matteo Renzi’s referendum defeat and subsequent resignation.

At 0645 AEDT on Tuesday, the share price index was up 44 points, or 0.82 per cent, at 5,441.

Locally, in economic news on Tuesday, the Reserve Bank of Australia is widely expected to keep rates on hold as investors await any commentary on domestic or global economic conditions.

The Australian Bureau of Statistics is expected to release government finance statistics for the September quarter, while Dun and Bradstreet will issue their business expectations survey.

In equities news, no company announcements are scheduled for release. In Australia, the market on Monday closed lower with most sectors in negative territory led by a heavy sell-off among the big four banks.

The benchmark S&P/ASX 200 index was down 43.6 points, or 0.8 per cent, at 5,400.4 points, while the broader All Ordinaries index was down 44.6 points, or 0.81 per cent, at 5,458 points.