UPDATE 7.45am: The Australian sharemarket opened higher following surging European markets and higher commodity prices.
At 7.22am, the benchmark S&P/ASX200 index was up 12.1 points, or 0.27 per cent, at 4497.8 points, while the broader All Ordinaries index was up 11.4 points, or 0.25 per cent, at 4517.1 points.
On the ASX 24, the December share price index futures contract was five points higher at 4489 points, with 5190 contracts traded.
Lonsec private client adviser Michael Heffernan said the Australian market had opened in the black after strong leads from European markets.
“It's a pretty buoyant opening,” he said.
“What struck me, apart from the New York Stock exchange closing because of the storm, was that Europe was on a roll with their markets being up one and two per cent.
“Commodities weren't too bad either which has helped.”
The New York Stock Exchange remained closed due to superstorm Sandy.
But European stock markets and the euro rebounded as investors cheered positive company earnings and reacted to news of thousands of job cuts at Swiss bank UBS.
London's FTSE 100 index of top companies closed up 0.95 per cent to 5,849.9 points, while in Frankfurt the DAX 30 gained 1.13 per cent to 7,284.4 points, and Paris' CAC 40 jumped 1.48 per cent to 3,459.44 points.
Locally, the Australian Bureau of Statistics releases building approvals for September and the Reserve Bank of Australia the financial aggregates for September.
In equities news, National Australia Bank shares have fallen after it posted a 22 per cent drop in full-year profit, its first decline since the global financial crisis.
NAB shares were down 25.5 cents, or 0.99 per cent, to $25.625.
The other three major banks had a mixed opening.
ANZ lost three cents to $25.35, Westpac gained 10 cents to $25.44 and Commonwealth Bank added 12 cents to $57.43.
The mining giants were all higher.
BHP Billiton gained 12 cents to $34.09, Fortescue added three cents to $4.13 and Rio Tinto was up 20 cents to $57.06.
National turnover was 266 million securities worth $461.5 million, with 351 stocks up, 203 down and 240 unchanged.