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Australian market looks set to open higher

The Australian market is expected to open higher after gains on Wall Street overnight.

Stocks on major US indices enjoyed early gains before they were trimmed back by news that there had been no major progress by politicians toward a compromise on the so-called fiscal cliff of automatic tax rises and spending cuts.

European markets also notched up gains, while commodity prices were stronger.

At 0xxxx AEDT on Friday, the December share price index futures contract was up/down xx points at xxx.

In economic news on Friday, the Reserve Bank of Australia to release financial aggregates for October.

In equities news, annual general meeting season winds down with Retail Food Group, Aquila Resources, Sundance Resources, Primary Health Care, Quickflix and Starpharma Holdings all addressing shareholders.

In Australia, the market on Thursday closed higher, buoyed by encouraging comments by US politicians about avoiding the "fiscal cliff".

At close, the benchmark S&P/ASX200 index was up 30.4 points, or 0.68 per cent, at 4,477.7 points, while the broader All Ordinaries index added 27.5 points, or 0.62 per cent, to 4,490.1 points.