Aust stocks to open higher

Local market expected to lift in early trade ahead of US Fed Reserve meeting.

The Australian stock market looks set to open higher following gains on Wall Street as traders reacted to company earnings updates and US economic data ahead of the Federal Reserve's policy meeting.

At 0701 AEDT, the December share price index futures contract was up 26 points at 5,434.

A heavy schedule of US economic indicators showed a 0.1% fall in September retail sales, a 0.1 per cent drop in producer prices, indicating weak inflation, and a 12.8 per cent year-on-year rise in home prices in August, even as many cities saw smaller gains compared with July.

Locally, no major economic news is expected on Wednesday.

In equities news, OceanaGold (OGC) is expected to release third quarter results while Crown (CWN), JB Hi-Fi (JBH), Insurance Australia Group (IAG), Atlas Iron (AGO), Flight Centre (FLT) and Transpacific (TPI) Industries all have annual general meetings scheduled.

In Australia, the market on Tuesday fell as investors took profits after the recent record highs reached by three of the big four banks.

The benchmark S&P/ASX200 index was down 25.9 points, or 0.48%, to 5,415.5 points.

The broader All Ordinaries index lost 26.6 points, or 0.49%, to 5,410.7.