Australian shares set to start higher after Wall Street rally

The news: The Australian sharemarket is set to open higher following big gains for the major indices on Wall Street on Friday.

The numbers: The Dow Jones index ended 1.15% higher, while the broader S&P 500 gained 1.56%, and the tech-heavy Nasdaq jumped 2.05%, its biggest rise since 26 May. In the local market, ASX 200 futures were trading 24 points or 0.34% higher at 7016 points at 8:00am AEDT on Monday.

The context: US equities were boosted by heavyweight tech and growth stocks as Treasury yields calmed, while investors looked ahead to next week's reports on inflation and other economic data, including on producer prices and retail sales, which will further shape interest rate projections. In the local market too, traders will be keeping an eye on the wage price index due to be released on Wednesday and the labour force data on Thursday.