Aust stocks set to open higher

Local market expected to lift in early trade ahead of US Fed Reserve meeting.

The Australian stock market is set to open slightly higher despite a quiet night on Wall Street as investors wait for the outcome of a United States Federal Reserve policy meeting.

At 0705 AEST, the September share price index futures contract was up seven points at 5,014.

The market was boosted on Tuesday by hints the Reserve Bank of Australia will cut the cash rate next week.

There's no local economic news expected on Wednesday.

In company news, Origin Energy and Paladin Energy will release quarterly activity reports.

On Tuesday, the benchmark S&P/ASX200 index added 0.9 points to 5,047.2 and the All Ordinaries index dropped 1.6 points to 5,026.3.