THE Australian market looks set to open higher after Wall Street rose decisively as investors bet that the Federal Reserve will stay the course on its economic stimulus policy. At 0635 AEST on Wednesday, the June share price index futures contract was up 34 points at 4,854. In economic news on Wednesday, the Australian Bureau of Statistics releases May's international merchandise imports figures, while the Westpac-Melbourne Institute Leading Indexes of Economic Activity is also due out. Nine Network chief executive David Gyngell is keynote speaker at Sydney FC in Business luncheon in Sydney. In equities news, New Newscorp shares begin trading on ASX and Wall Street. In Australia, the market on Tuesday fell as investors nervously waited for an update on economic stimulus measures in the United States. The benchmark S&P/ASX200 index was down 11.5 points, or 0.24 per cent, at 4,814.4 points, while the broader All Ordinaries index was down 10.4 points, or 0.22 per cent, to 4,794.6 points. The Federal Reserve's policy panel on Tuesday kicked off a two-day meeting that will culminate in a Wednesday policy statement and news conference with chairman Ben Bernanke. Investors in recent weeks have speculated the Fed would soon taper its $US85 billion ($A89.44 billion) -a-month bond-buying program.