The Australian market looks set to open higher after the US and European markets mostly finished in positive territory as traders digested Chinese inflation data, Japan's announcement of stimulus measures and a tepid Wells Fargo earnings report.

At 3.59am, the December share price index futures contract was up eight points at 4689.

In economic news, the TD Securities/Melbourne Institute inflation gauge for December due to be released as is the Australian Bureau of Statistics housing finance for November, ABS Overseas arrivals and departures for the three months to November, and the ANZ job advertisements series for December.

No major equities news is expected.

In Australia, the market on Friday closed lower amid profit taking and mixed messages about economic data out of Asia.

At the close on Friday, the benchmark S&P/ASX200 index was 13.5 points, or 0.28 per cent lower at 4709.5, while the broader All Ordinaries index was down 11.4 points, or 0.24 per cent, at 4733.8.