Aust stocks set to open higher

Local market expected to make modest gains after strong gains on Wall St pushed S&P 500 to a new all-time high.

The Australian stock market looks set to open higher following strong gains on Wall Street that took the S&P 500 to a new all-time high and gave the Nasdaq a 1.3% gain last week.

At 0645 AEDT, the December share price index futures contract was up 22 points at 5,343.

In economic news on Monday, the Commonwealth Bank's business sales indicator for September comes out.

In equities news, wotif.com (WTF) has its annual general meeting.

In Australia, the market on Friday closed at the highest level in almost five-and-a-half years as China regains its growth momentum.

China, the world's second biggest economy, grew by 7.8% in the year to September, pushing the local market to its highest closing level since June 2008.

The benchmark S&P/ASX200 index gained 38.4 points, or 0.73%, to 5,321.5 points.

The broader All Ordinaries index added 39.1 points, or 0.74%, to 5,321.