Australian stocks look set to open slightly higher, buoyed by optimism on global markets.

The SPI200 futures contract was up 8 points, or 0.11 per cent, at 6,988 at 0700 AEDT on Friday.

The local bourse had its best single day in nearly a month on Thursday, with the benchmark S&P/ASX200 index finishing up 73.1 points, or 1.05 per cent, at 7,049.2.

The broader All Ordinaries index closed up 67.8 points, or 0.96 per cent, at 7,148.7.

Overnight, US and Asian equities were buoyed by confirmation China will cut the tariffs on a raft of US imports next week despite continued concerns over the coronavirus.

The Australian dollar was buying 67.31 US cents, up from 67.59 US cents at the close of the market on Thursday.