SYDNEY, Feb 23 (Reuters) - Australian shares were set to open higher on Tuesday as sentiment brightened from recent extreme levels of risk aversion, lifting equities globally and boosting commodity prices.
The local share price index futures YAPcm1 rose 0.8 percent, following a 1.05 percent rally on the underlying S&P/ASX 200 index .AXJO . The benchmark ended at 5,004 on Monday, with the next big chart barrier around 5,073.
Iron ore, oil and copper all enjoyed substantial gains overnight, lifting shares of BHP Billiton (L:BLT) BHP.AX and Rio Tinto (L:RIO) RIO.AX traded in London.
However, early Tuesday, BHP reported a large loss for the half year and slashed its dividend.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.24 percent in early trade.
For a summary of overnight action across global markets, double click on AU/CALL
For a digest of the day's business stories in Australian newspapers, double click on PRESS/AUB