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The Australian share market is set for an early boost after the major US indices hit fresh record highs overnight amid easing trade tensions and fresh stimulus for the Chinese economy.

The SPI200 futures contract was up 65 points, or 0.98 per cent, at 6,689.0 at 0800 AEDT, suggesting the benchmark S&P/ASX200 is set to climb at the open of trade.

Global sentiment is buoyant on news that China’s central bank is freeing another 800 billion yuan ($A164 billion) to prop up a slowing economy, while the nation’s trade relationship with Washington is also improving.

On Wall Street, the S&P 500 recorded its eleventh record high in 14 sessions, while the Nasdaq was on track for its biggest daily percentage gain in more than a month.

The Dow Jones Industrial Average was set for its biggest gain in nearly four weeks.

Gold, iron ore, and copper prices have all edged higher, but oil is flat.

Meanwhile, the Australian dollar has fallen back from recent five-month highs and is buying 69.86 US cents, from 70.01 US cents on Thursday.