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Aust shares set to open higher

The ASX has closed lower after fresh US tariffs on Chinese goods raised stakes in their trade war

An extended rally on Wall Street look set to bolster Australian stocks to a better start after strong results from PepsiCo signalled a positive US earnings season ahead.

The S&P 500 rose for a fourth session overnight to post its highest close since February 1.

The local Australian share price index futures rose 0.3 per cent or 16 points, to 6,227 on Wednesday, but mining stocks could hamper the rise on overnight weakness in base metal prices.

The Australian benchmark lost 0.4 per cent on Tuesday.

The Australian dollar was worth 74.59 US cents at 0820 AEST, slipping from 74.64 on Tuesday.