Aust stocks set to open higher

Local market expected to follow strong US gains despite IMF growth cuts.

The Australian stock market looks set to open higher following gains on United States and European bourses despite the IMF downgrading its global economies' growth forecast.

The International Monetary Fund trimmed its world economic growth expectations for 2013 to 3.1% from the April forecast of 3.3%.

At 0656 AEST on Wednesday, the September share price index futures contract was up 15 points at 4,856.

In economic news on Wednesday, Reserve Bank of Australia assistant governor (financial markets) Guy Debelle is scheduled to attend the launch of the Funding Australia's Future Project hosted by the Australian Centre for Financial Studies.

The Westpac/Melbourne Institute Survey of Consumer Sentiment is due out.

In equities news, Nufarm chairman Donald McGauchie is scheduled to speak at an American Chamber of Commerce in Australia lunch in Melbourne while Energy Resources of Australia is slated to release its second quarter operations review while Transurban Group is expected to post third quarter traffic numbers.

In Australia, the market on Tuesday shot up in what market watchers hope is a sign investors are over their jitters caused by the US flagging a cut to its stimulus program.

The market rose about 1.5%, and recovered all of the heavy losses incurred in the three days after the US Federal Reserve indicated it may soon begin withdrawing stimulus measures.

The benchmark S&P/ASX200 index was up 72.2 points, or 1.5%, at 4,881.7 points, while the broader All Ordinaries index was up 68.9 points, or 1.44%, to 4,866.5 points.

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