Aust stocks set to open higher

Local market tipped to push higher in early trade after record Wall St close.

The Australian stock market looks set to open higher after United States markets closed at record highs in their previous trading session.

At 0645 AEST, the September share price index futures contract was up nine points at 5077.

In economic news, Australian Bureau of Statistics (ABS) releases June's retail trade figures, the Australian Industry Group/Commonwealth Bank is scheduled to release the Australian Performance of Services Index (PSI) for July, while Dun and Bradstreet puts out its business expectations survey.

Meanwhile, the TD Securities/Melbourne Institute inflation gauge for July also is due out.

No major equities news is expected.

In Australia, the market on Friday hit its highest point in more than two months as good signs from the United States overshadowed weaker local economic forecasts from the federal government.

The S&P/ASX200 index posted its tenth consecutive day of gains, taking it above 5,100 points for the first time since May 22.

The benchmark S&P/ASX200 index was up 55.3 points, or 1.09%, at 5,116.8 points, while the broader All Ordinaries index was up 51.6 points, or 1.02%, to 5,098.7 points.

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