Local stocks to open higher

Brighter news from offshore should send local stocks higher at the open.

The Australian stock market looks set to open higher following gains on Wall Street after solid United States and Chinese manufacturing data and good US car sales figures.

At 0645 AEDT, the December share price index futures contract was up 24 points at 5,414.

China's official October purchasing managers' index (PMI) of manufacturing activity climbed to 51.4 from 51.1 in September, the highest reading since April 2012.

US manufacturing PMI for October from the Institute of Supply Management rose to 56.4 per cent from 56.2 per cent in September. Analysts expected the index to decline to 55.0.

The three largest US car manufacturers, Chrysler, Ford and General Motors, posted double-digit percentage gains.

Locally, in economic news on Monday, the Australian Bureau of Statistics releases retail trade data for September and house price indexes for the September quarter.

The ANZ job advertisements series for October is due out, as is the TD Securities-Melbourne Institute inflation gauge for October and the Dun and Bradstreet business expectations survey.

In equities news, Westpac is expected to post full year results, while Whitehaven Coal and Navitas have annual general meetings scheduled.

In Australia, the market on Friday was dragged lower by the big miners due to weaker commodities prices.

The benchmark S&P/ASX200 index was down 14.4 points, or 0.27 per cent, at 5,411.1.

The broader All Ordinaries index was down 13.8 points, or 0.25 per cent, at 5,406.5.

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