The Australian sharemarket is set for a positive open as world markets rose on a better than expected start to corporate earnings season in the United States.

Aluminium maker Alcoa beat expectations with its fourth quarter earnings, setting a positive tone for several weeks of earnings reports.

At 4.05am on the ASX 24, the March share price index futures contract was six points higher at 4684.

In economic news, the Australian Bureau of Statistics releases building approvals data for November.

Yesterday, the benchmark S&P/ASX200 index added 17.9 points, or 0.38 per cent, to 4708.1 and the broader All Ordinaries index gained 17.8 points, or 0.38 per cent, to 4730.1.