The Australian market looks set to open higher after Wall Street rallied sharply, juiced by a jump in Apple shares and gains from energy stocks that were backed by stronger oil prices.

The SPI is trading at 5388, up 41 points.

Locally, in economic news, the Reserve Bank of Australia releases the minutes of its May board meeting, while the Australian Bureau of Statistics releases April's new motor vehicle sales figures.

The ANZ-Roy Morgan weekly consumer confidence survey is also due out.

In equities news, DuluxGroup and Ruralco are expected to post half-year results.

Meanwhile, the Australian Shareholders Association holds its annual general meeting in Sydney.

Key Numbers

• The SPI is trading at 5388, up 41 points.
• AUD at 72.82 US cents, 79.41 Japanese yen, 64.39 Euro cents and 50.64 British pence
• On Wall St, Dow +1%, S&P 500 +1%, Nasdaq +1.2%
• In Europe, Stoxx 50 -0.2%, FTSE +0.2%, CAC -0.2%
• Germany’s DAX was closed for a holiday
• In London, BHP +2.1%, Rio +1%
• Spot gold flat at $US1272.97 ounce at 3.12pm New York time
• Brent crude +2.4% to $US48.96 barrel at 2.46pm New York time
• Iron ore -0.4% to $US54.34 tonne

What’s on today

Local data: RBA board minutes, Weekly consumer confidence, New motor vehicle sales (April); RBNZ inflation expectations

Local earnings: OzForex, Dulux Group, Orion Metals

The annual Latin America Downunder Conference is held in Perth, Australia. Mining ministers and executives from Ecuador, Colombia, Chile, Cuba, Mexico, Argentina and Australia will attend. Through May 18.

UK inflation (April), Italian trade balance (March), Portugal industrial production price index (April), US consumer prices (April), US housing starts (April), US industrial output (April).

Fed speakers: John Williams, Dennis Lockhart

Overseas earnings: Home Depot, TJX Cos, Vodaphone Group, Premier Foods, Eurobank Ergasias, United Internet.

The International Gold and Silver Symposium in Lima; Mayer Brown Global Energy Conference in Houston.

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