The Australian share market has opened higher, driven by lower than expected falls on US markets overnight.

At 1050 AEST on Tuesday, the benchmark S&P/ASX200 index was up 17 points, or 0.41 per cent, at 4,135.3, while the broader All Ordinaries index was up 16.5 points, or 0.4 per cent, at 4,176.3.

On the ASX 24, the September share price index futures contract was up 10 points at 4,100, with 7,072 contracts traded.

The positive opening in Australia came despite falls on Wall Street and European markets overnight following a spike in Spanish bond yields.

US stocks fell ahead of the opening of earnings season, with the slow economy and worries about European stability and Chinese growth pressing down on sentiment.

Most European shares fell, with Spanish 10-year bond yields spiking to a danger level of above seven per cent.

IG Markets institutional dealer Chris Weston said Tuesday morning’s rise was a case of pricing in the fact that US markets did not drop by as much as the 30 point fall futures markets were pointing to on Monday.

He said while the high bond yields were a concern, that was countered by moves to give Spain an extra year to get its deficit under control which was a positive.

Trading this week would be influenced by the release of a raft of Chinese data, including trade balance figures on Tuesday and gross domestic product numbers for the quarter on Friday, which are expected to fall below the psychological eight per cent barrier.

“It’s about growth metrics now, it’s all about growth in China for us and growth everywhere in world, which is a breeding ground for equities,” Mr Weston told AAP.

“It’s quite a bleak picture about China right now to be honest but I still sit in the camp that China will get its house in order.”

On the local bourse, the world’s biggest resources company BHP Billiton was 25 cents up to $31.73 and Rio Tinto had lifted by 45 cents to $56.99.

Among the major banks, the National Australia Bank was seven cents poorer at $23.60, ANZ gave away 8.5 cents to $22.415 and Commonwealth Bank surrendered 23 cents to $53.55,.

Westpac was the only bank to start higher increasing by 6.5 cents to $21.665.

In economic news on Tuesday, the National Australia Bank’s monthly business survey for June is due out.