The Australian sharemarket looks set to open higher following a positive lead from Wall Street overnight after stronger than expected US manufacturing data.

At 3.50am, the June share price index futures contract was up 28 points at 4361.

In economic news, the Reserve Bank of Australia holds its regular monthly board meeting and makes its rates decision.

In equities news, Stockland managing director Matthew Quinn and Commonwealth Bank's deputy head of property finance, institutional banking and markets Brian McGovern are due to speak at CEDA lunch in Sydney.

Yesterday, the sharemarket could not hold onto early gains as disappointing local economic data overshadowed better-than-expected manufacturing figures from China.

The benchmark S&P/ASX200 index finished down 5.9 points, or 0.14 per cent, at 4329.3 points, while the broader All Ordinaries index eased 3.6 points, or 0.08 per cent, to 4416.4 points.