Aust stocks set to open higher

Local market expected to push beyond key 5000 barrier in early trade on China news, modest US gains.

The Australian stock market looks set to open higher despite a mixed close on Wall Street and falls locally at the end of last week.

At 0645 AEST on Monday, the September share price index futures contract was up 21 points at 4,963.

No major economic news is expected on Monday.

In equities news, Australian Foundation Investment Company is scheduled to post full year results while Macquarie Atlas Roads is expected to release its June quarter traffic report.

In Australia, the market on ended the week with a fall as negative sentiment across Asia prompted a selloff in local resources stocks.

The market rose above 5,000 points in early trade, boosted by gains on Wall Street that took the US stocks to record highs but selling took hold from late morning as other markets in the region lost ground.

The benchmark S&P/ASX200 index was down 21.3 points, or 0.43%, at 4,972.1 points, while the broader All Ordinaries index was down 17.5 points, or 0.35%, to 4,959.4 points.

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