Aust stocks set to open higher

The Australian stock market looks set to open higher following gains on Wall Street helped by data showing more strength and confidence in the US economy and as worries eased over a credit crunch in China.

The Australian stock market looks set to open higher following gains on Wall Street helped by data showing more strength and confidence in the US economy and as worries eased over a credit crunch in China.

At 0645 AEST, the September share price index futures contract was up 32 points at 4676.

No major economic or equities news is expected on Wednesday.

Vodafone Hutchison Australia chief executive Bill Morrow, iiNet CEO Michael Malone, and Macquarie Telecom head David Tudehope are scheduled to speak at telecommunications industry function hosted by Competitive Carriers' Coalition in Sydney.

In Australia, the market on Tuesday finished lower, dragged down as nervous investors take their leads from falls across major Asian markets.

Despite small gains in early trade, Australian shares closed about 0.3% lower as the Shanghai Composite, Japan's Nikkei and Hong Kong's Hang Seng indices moved into the red.

The benchmark S&P/ASX200 index was down 13.1 points, or 0.28%, at 4,656.0 points, while the broader All Ordinaries index was down 17.6 points, or 0.38%, to 4,633.5 points.

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