The local market opened higher Friday on the back of a flat Wall Street. Shares traded consistently above the flat line for a third straight day with gains from the big four banks compensating losses in mining. There were positive results from the sectors with the exception of energy and materials. The Australian dollar fell against most major currencies.

Most Asian markets advanced on a healthy batch of economic growth data out of the United States, but Shanghai sank again, extending the previous day's sell-off.

Europe's main stock markets ended higher, as investors digested economic data from around the world alongside more earnings updates. US stocks gave back earlier gains on Friday amid some mixed economic reports and earnings news.

The Australian market looks set to open lower with the SPI Futures down 12 points after falls on Wall Street where weakness in petroleum-linked equities weighed on stocks following poor earnings from ExxonMobil and Chevron and a drop in oil prices. In local economic news today, the ANZ's job advertisements series and the TD Securities- Melbourne Institute inflation gauge, both for July, are due out. The Australian Industry Group performance of manufacturing (PMI) index, the RP Data Core Logic Home Value Index and the HIA New home sales for June, are also due out.

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