Aust stocks set to open higher

Local market tipped to make modest early gains on rising US optimism.

The Australian stock market looks set to open higher after Wall Street closed higher for a second straight session on rising optimism about a Washington deal to avert a debt default.

At 0645 AEDT, the December share price index futures contract was up 33 points at 5,262.

In economic news on Monday, the Australian Bureau of Statistics (ABS) releases housing finance figures for August.

No major equities news is expected.

In Australia, the market on Friday posted its largest one-day gain in more than three months due to signs on the day that the US would avoid a debt default by raising its debt ceiling.

The benchmark S&P/ASX200 index added 83.8 points, or 1.63%, to 5,230.9.

The broader All Ordinaries index gained 82.6 points, or 1.61%, at 5,228.8.