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Australian share market set to open higher

Australian shares are poised to open higher, tracking last week's gains on Wall Street after strong jobs data offset a brewing US-China trade dispute.

China retaliated to the US slapping tariffs on $US34 billion worth of Chinese imports on Friday, escalating tensions between the world's two largest economies.

The local share price index futures rose 0.4 per cent or 26 points, to 6,250, a 22.3-point discount to the underlying S&P/ASX 200 index close.

The benchmark rose 0.9 per cent on Friday, for its highest close since December 2007.

The Australian dollar was worth 74.35 US cents at 0825 AEST, up from 74.09 on Friday.