The Australian market looks set to open higher following gains on Wall Street overnight, after US Federal Reserve chair Janet Yellen said the central bank should proceed "cautiously" on raising interest rates.

The SPI futures are currently up 33 points, 5026.

In local economic news on Wednesday, the ANZ-Roy Morgan weekly consumer confidence survey is due out.

No major equities news is expected.

Key numbers:

• SPI futures up 33pts or 0.7% to 5026 at about 7:30am Sydney time
• AUD to 76.42 US cents, 86.09 Japanese yen, 67.61 Euro cents and 53.00 British pence
• On Wall St, Dow +0.6%, S&P 500 +0.9%, Nasdaq +1.7%
• In Europe, Stoxx 50 +0.6%, FTSE flat, CAC +0.9%, DAX +0.4%
• In London, Rio -3.85%, BHP -3.65%
• Spot gold +1.4% to $US1239.35 at 3.38pm New York time
• Brent crude -2.6% to $US39.24 at 3.12pm New York time
• Iron ore slips 1.2% to $US55.11 per tonne

What’s on today:

Overseas data: US MBA mortgage applications (weekly), US ADP private employment (March), Brazil IGP-M inflation (March), Brazil primary budget balance (Feb.), Japan industrial production (Feb.), euro-area economic confidence (March), Germany inflation (March)

Overseas earnings: Micron Technology, Industrial & Commercial Bank of China Ltd, China Construction Bank Corp, Bank of China Ltd, China Cosco Holdings Co, China Eastern Airlines Corp, Air China Ltd, China Southern Airlines Co.

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