The Australian market looks set to open higher after US stocks rose modestly as gains in the tech sector helped buoy the Nasdaq to a record intraday high and solid housing market data provided more evidence the economy may be picking up momentum.

The SPI is up 19 points to 5534.

Data on Tuesday showed that new US single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook.

Locally, in economic news, the Australian Bureau of Statistics releases June's construction work done figures, while the Westpac-Melbourne Institute's Leading Indexes of Economic Activity is also due out.

In equities news, Qantas, Wesfarmers, Westfield Corporation, Bega Cheese, Blackmores, Boral, Sirtex Medical, A2Milk, Ardent Leisure and The Reject Shop are among the companies reporting full-year results.

Vodafone Hutchison Australia is expected to provide a midyear briefing. In Australia, the market on Tuesday closed higher with most sectors in positive territory, led by gains from the banks and health stocks.

Key Numbers

• The SPI is up 19 points to 5534
• AUD -0.1% to 76.11 US cents
• On Wall St, Dow +0.1%, S&P 500 +0.2%, Nasdaq +0.3%
• In New York, BHP +3.3%, Rio +1.7%
• In Europe, Stoxx 50 +1.1%, FTSE +0.6%, CAC +0.7%, DAX +0.9%
• Spot gold flat at $US1339.91 an ounce
• Brent crude +1.7% to $US49.97 a barrel

What’s on today

Local data: Q2 Construction work done, DEWR skilled vacancies (July); NZ trade balance (July), NZ new residential lending

Local earnings: Qantas, Boral, WorleyParsons, Sirtex Medical, Pact Group, Link, Steadfast Group, Ardent Leisure, Charter Hall Group, Wesfarmers, APN Outdoor Group, St Barbara, Altium, APA Group, iSentia Group, Qube Holdings, Westfield Corp, Spotless

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