The Australian share market looks set to open more than 1.5 per cent higher, after Wall Street turned around from the massive global equities sell-off and on track to close off a choppy session well in the green.
At 0700 AEDT on Wednesday, the share price futures index was up 91 points, or 1.6 per cent, at 5,855.
In the US, Wall Street's three key indexes swung between gains and losses in a 1,000-point range during a very volatile session.
After an initial two-per cent drop, major Wall Street indexes recovered but couldn't sustain the rebound, shedding those gains in afternoon trading.
However, by late afternoon, the tables had again turned around.
At 3.25pn Tuesday (0725 Wednesday AEDT), the Dow Jones Industrial Average was up 1.86 per cent, at 24,798.64, the S&P 500 had gained 1.08 per cent to 2,677.53 and the Nasdaq Composite had risen 1.84 per cent to 7,095.87.
Locally, in economic news on Wednesday, the Australian Bureau of Statistics is expected to release its Selected Living Cost indexes for December.
In equities news, Rio Tinto is slated to release full-year results while Commonwealth Bank, Nick Scali, Murray Goulburn and Carsales.com are expected to post half-year results.
The Australian market on Tuesday suffered its biggest one-day fall since September 2015, wiping around $66 billion from its value, amid a savage global equities sell-off.
The benchmark S&P/ASX200 index dropped 192.9 points, or 3.2 per cent, to 5,833.3 points, while the broader All Ordinaries index shed 198.2 points, or 3.23 per cent, to 5,930.2 points
Meanwhile, the Australian dollar on Wednesday is clawing back some of the losses it suffered amid Tuesday's volatility.
The local currency was trading at 78.86 US cents at 0700 AEDT on Wednesday, from 78.57 on Tuesday.
CURRENCY SNAPSHOT AT 0700 AEDT:
One Australian dollar buys:
* 78.86 US cents, from 78.57 on Tuesday
* 86.24 Japanese yen, from 85.55 yen
* 63.63 euro cents, from 63.49 euro cents
* 56.50 British pence, from 56.25 pence
* 107.99 NZ cents, from 107.65 cents
The spot price of gold in Sydney at 0700 AEDT was $US1,326.30 per fine ounce, from $US1,343.40 per fine ounce on Tuesday.
BOND SNAPSHOT AT 0700 AEDT:
* CGS 4.50 per cent April 2020, 2.0113pct, unchanged
* CGS 4.75pct April 2027, 2.7763pct, unchanged
Sydney Futures Exchange prices:
* March 2018 10-year bond futures contract at 97.135 (implying a yield of 2.865pct), from 97.18 (implying a yield of 2.82pct) on Tuesday
* March 2018 3-year bond futures contract at 97.815 (2.185pct), from 97.84 (2.16pct).
(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)