Market set to open sharply higher

THE Australian market looks set to open sharply higher, following strong gains on Wall Street on the view the Federal Reserve might raise its key interest rate in March.

At 0700 AEDT on Wednesday, the share price futures index was up 26 points, or 0.45 per cent, at 5,765.

Wall Street has been stoked by hopes of tax cuts, infrastructure spending and looser regulations from U.S. president Donald Trump and a Republican-controlled Congress.

Details on U.S. fiscal stimuli remain sketchy, but investors seem patient for progress on these possible programs as they have been assuaged by upbeat company results.

Locally, in economic news on Wednesday, Reserve Bank of Australia governor Philip Lowe is slated to speak at the Australia-Canada Economic Leadership Forum in Sydney.

The Australian Bureau of Statistics releases the wage price index, and construction work done data, both for the December quarter.

In equities news, Woolworths, Fairfax Media, Coca-Cola Amatil, IAG, Fortescue Metals, Woodside Petroleum and AP&N News & Media are among the companies expected to report earnings.

The Australian market on Tuesday closed flat as a flurry of earnings reports resulted in a mixed performance from many sectors.

The benchmark S&P/ASX200 index fell 4.1 points, or 0.07 per cent, to 5,791 points.

The broader All Ordinaries index lost 5.1 points, or 0.09 per cent, to 5,835.4 points.