May 8 (Reuters) - Australian shares are set to inch higher on Friday, tracking gains in U.S. stocks which rose after a number of upbeat earnings reports led by PayPal, while positive economic data from China is also likely to boost sentiment.
All major indices on Wall Street clocked in gains, with the Nasdaq erasing all losses accrued in 2020. Elsewhere, China's exports for April came in far stronger than expected, signaling swift recovery after the coronavirus pandemic. .N local share price index futures YAPcm1 added 0.09% or 5 points, a 8.8-point premium to the underlying S&P/ASX 200 index .AXJO close. The benchmark fell 0.4% on Thursday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.3% to 10,678.37 in early trade.