Australian stocks to edge higher after Wall Street gains

The news: The Australian sharemarket is set to open slightly higher after gains on major US indices overnight with latest data firming hopes of a pause in interest rate hikes.

The numbers: The Dow Jones index edged up 0.11%, the broader S&P 500 rose 0.38% while the tech-heavy Nasdaq added 0.54% after revised GDP data showed the US economy expanded 2.1% in the second quarter, slower than a preliminary estimate of a 2.4% growth. In the local market, ASX 200 futures were trading 4 points or 0.06% higher at 7263 points at 0700 AEST on Thursday.

The context: Sentiment on Wall Street was also buoyed after an employment report showed private payrolls increased less than expected in August, signalling a cooling US economy and easing investor concerns about further rate hikes by the Federal Reserve. In the local market, traders will be watching for earnings from Atlas Arteria, AMA Group, Harvey Norman and IGO among others.