The Australian market looks set to open higher after Wall Street capped off its strongest week since March after US Federal Reserve Chair Janet Yellen said an interest rate rise would likely be appropriate "in the coming months".

The SPI is trading at 54354, up 25 points.

Locally, in economic news, the Australian Bureau of Statistics is due to release its business indicators for the March quarter, while the HIA's new home sales data for April are also due out.

In equities news, ALS is expected to post full-year results, while shareholder engagement company Omni Market has its first annual general meeting scheduled.

Key Numbers

• The SPI is trading at 54354, up 25 points.
• AUD fetching 71.28 US cents, 79.27 Japanese yen, 64.58 Euro cents and 49.14 British pence
• On Wall St, Dow Jones +0.25%, S&P 500 +0.43%, Nasdaq +0.65%.
• In Europe, Stoxx 50 +0.2%, FTSE +0.2%,
• Spot gold -0.9% at $US1,208.90 an ounce at 5am on Monday in Sydney.
• Brent crude -0.5% at $US49.32 a barrel at 5am on Monday in Sydney.
• Iron ore added 3.4% to $US51.15 per tonne

This week’s agenda

Local: The main market interest will be in the quarterly data in the lead up to Wednesday’s GDP, followed Thursday’s by retail sales report.

China: The largest focus will be Wednesday’s official PMIs and Caixin manufacturing PMI, followed Friday by the Caixin services/compositePMIs

US: After Monday’s Memorial Day holiday, main interest will be in Tuesday’s personal income, spending and PCE deflators report, the ISM Manufacturing on Wednesday and the big one, non-farm payrolls, rounding out the week with the ISM non-manufacturing also on Friday.

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