Australian stocks set to track gains on Wall Street

The news: The Australian sharemarket is poised to start higher after overnight gains on Wall Street with a dip in oil prices and steady economic data easing investors' nerves.

The numbers: The Dow Jones index rose 0.35%, the broader S&P 500 gained 0.59% while the tech-heavy Nasdaq added 0.83%. In the local market, ASX 200 futures were trading 45 points or 0.64% higher at 7097 points at 0700 AEST on Friday.

The context: The gains came after revised estimates showed a steady US economy which grew 2.1% for the June quarter while inflation was lower than previously estimated at 0.8%. Investors were looking ahead to Friday's personal consumption expenditures price index for the latest view on inflation that could offer clues for the path ahead for interest rates. They are also keeping an eye on developments in Washington to see whether US lawmakers could avert a government shutdown.