Rudolf Oultz watches the display board at the Australia Stock Exchange in Sydney, Monday, Aug. 8, 2011. Australian and New Zealand markets have opened lower in reaction to ratings agency Standard and Poor's downgrading of the United States government credit rating from AAA to AA+. (AP Photo/Rick Rycroft)
Rudolf Oultz watches the display board at the Australia Stock Exchange in Sydney, Monday, Aug. 8, 2011. Australian and New Zealand markets have opened lower in reaction to ratings agency Standard and Poor's downgrading of the United States government credit rating from AAA to AA+. (AP Photo/Rick Rycroft)

The Australian sharemarket is set for a positive start, with Wall Street higher on indications China's economy is beginning to strengthen.

The influence of Wall Street's gains will be muted, however, as the local market has already been boosted by the latest economic data from China, which was released on yesterday afternoon.

The benchmark S&P/ASX200 index gained 14.9 points, or 0.32 per cent, to 4723 yesterday, while the broader All Ordinaries index added 15.1 points, or 0.32 per cent, to 4745.2.

At 4am on the ASX 24, the March share price index futures contract was up eight points at 4700.

There is no economic news scheduled.

In company news, toll road owner Transurban will release its traffic and revenue numbers for the first half of the financial year.

The West Australian

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