The Australian shares market is expected to take the lead from the favorable closing at the Wall Street on Friday.

The September price index contract on Saturday morning was 50 points higher at 4587 points. Moreover, the share market closed higher for a third straight session on Friday. The benchmark S&P/ASX200 closed up 8.5 points (0.19 percent) at 4541.2 points, while the broader All Ordinaries index gained 14.6 points (0.32 percent) at 4577.6 points.

Offshore on Friday, the Dow Jones Industrial Average finished at a high127.83 points (1.24 percent) at 10,447.93 points. The Nasdaq composite closed up 33.74 points (1.53 percent) at 2233.75 points, while the broader S&P 500 index closed up 14.41 points (1.32 percent) at 1104.51 points.

The very much influential US stocks closed higher on Friday. Investors' confidence rose after the Labor Department reported a loss of 54,000 jobs in August which is far better than the expected 120,000 loss. The private sector was reported to have created an unexpected 67,000 jobs.

US markets will be closed tonight for the Labor Day holiday.

In response to the fairly positive US Labor Department report, the European FTSE 100 index of leading shares closed 57.11 points higher (1.06 percent) at 5428.15 points. The German DAX 30 closed up 50.77 points (0.83 percent) at 6134.62 points. Even the French CAC 40 closed up 40.77 points (1.12 percent) at 3672.2 points.