Australian market set to open higher

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The Australian market is set to open higher as Wall Street posted a small rise and on better news from Spain, where borrowing costs eased.

At 0712 AEDT on Tuesday, the March share price index futures contract was up nine points at 5,123.

In economic news on Wednesday, the Australian Bureau of Statistics releases housing finance for January, and Westpac and the Melbourne Institute release their survey of consumer sentiment.

In company news, National Australia Bank is providing a technology and strategy update.

The market on Tuesday closed lower, with the benchmark S&P/ASX200 index losing 29 points to 5,117.9 and the All Ordinaries index dropped 31.4 points to 5,128.6.