Aust stocks set to open higher

Local market expected to lift as trading for the week starts following record US leads.

The Australian stock market looks set to open higher after Wall Street edged higher to new highs following strong banking earnings that offset a profit warning from UPS and fresh trouble for Boeing's Dreamliner aircraft.

At 0700 AEST, the September share price index futures contract was up 14 points at 4,950.

In economic news on Monday, the Australian Bureau of Statistics (ABS) is due to release lending finance data for May and new motor vehicle sales figures for June.

In equities news, Djerriwarrh is expected to post full year results.

On the Australia the market on Friday, strength in the resources sector pushed shares higher, although the market lost some ground after China's finance minister lowered expectations for the country's economic growth.

The S&P/ASX200 index passed 5,000 points in morning trade, as the market followed a positive lead from Wall Street early.

The benchmark S&P/ASX200 index was up 8.2 points, or 0.17%, at 4,973.9 points, while the broader All Ordinaries index was up 10.6 points, or 0.22%, to 4,957.5 points.

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