Australian shares are set to open higher on Thursday, rebounding from two straight sessions of losses, as Wall Street and global stocks ended higher overnight.

The local share price index futures rose 0.5%, a 8.5-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.3% on Wednesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.5% in early trade on Thursday.