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The Australian share market is expected to open higher after stocks rallied on Wall Street overnight.

The SPI200 futures contract was up 53 points, or 0.84 per cent, at 6,388.0 at 0700 AEST, suggesting an early bounce for the benchmark S&P/ASX200 on Wednesday.

The ASX ended in positive territory on Tuesday after the Reserve Bank of Australia announced a 25 basis points cut to interest rates to 1.25 per cent – a record low – in the central bank’s first change to the cash rate in nearly three years.

On Wall Street, the Dow Jones Industrial Average closed up 2.06 per cent, the S&P 500 was up 2.14 per cent and the tech-heavy Nasdaq Composite was up 2.65 per cent.

The Aussie dollar is buying 69.91 US cents from 69.79 US cents on Tuesday.