Aust stocks set to open higher

Local market expected to shrug off mixed Wall St close, follow EU gains.

The Australian stock market looks set to open higher, taking its cue not from falls on Wall Street but gains on European markets following encouraging eurozone data.

The Markit Eurozone Composite Purchasing Managers Index logged 50.4 points, above the 50-mark signalling growth, and a bigger-than-expected rise, after posting 48.7 points in June.

At 0635 AEST, the local September share price index futures contract was up 11 points at 5004.

No major economic news is expected on Thursday.

In equities news, Newcrest Mining and Oz Minerals both are expected to post quarterly results, OceanaGold is slated to post first half results, while Macquarie Group has its annual general meeting scheduled.

The NAB's National Small Business Summit continues in Brisbane.

In Australia, the market on Wednesday finished firmer with resource companies shaking off a slowdown in Chinese manufacturing activity.

The benchmark S&P/ASX200 index was up 18.0 points, or 0.36%, at 5035.1 points, while the broader All Ordinaries index was up 17.2 points, or 0.34%, to 5021.8 points.

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