Australian stocks look set to jump more than 1.5 per cent when trading opens after a big rally in US markets.

The SPI200 futures contract was up 112 points, or 1.77 per cent, at 6,435 at 0800 AEDT on Thursday, suggesting they could bolt out of the blocks at the start of trade.

NAB senior economist David de Garis suggests the markets are being driven by hope that governments will follow the lead of central banks and respond to the coronavirus emergency with stimulus packages to protect their economies.

“Australia and the UK have both said details will be available soon – two currencies showing gains today – whereas Europe is a little more cagey, with the Euro losing ground,” he said.

Investors will be watching to see international trade in goods and services data for January on Thursday, and Myer’s results.

The Australian dollar was buying 66.23 US cents at 0800 AEDT, up from 65.97 US cents as the market closed on Wednesday.