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The Australian share market is tipped to start the week flat, despite a strong positive lead from Wall Street.

In the US on Friday – in a half session on the post-Thanksgiving holiday known as Black Friday – technology stocks led the S&P 500 and Nasdaq to record closing highs.

But locally, AMP Capital chief economist Shane Oliver says the benchmark S&P/ASX200 is likely to gain less than five points at Monday’s open, with ‘a bit of caution around’ after that index exceeded 6000 points several weeks ago.

‘I think there’s a bit of a correction happening after that surge,’ Mr Oliver said.

The progress of tax reform in the US will continue to be the main focus for investors globally this week, with its Senate expected to vote on the bill which was recently approved by the House of Representatives.

The Republicans have 52 out of 100 Senators, meaning they can only stand to lose two votes to get the package over the line.

If it passes, the overhaul is expected to provide a stronger base for growth in the US, which would have a flow-on effect for international financial markets, including Australia.

Back home, the key development will be the release of Australian Bureau of Statistics (ABS) business investment data for the September quarter on Thursday.

Dr Oliver says those figures will be watched closely to see if a long-anticipated pick up in non-mining investments actually materialises.

Housing data will also be a theme of this week, with CoreLogic releasing capital city house prices for November on Friday.

The ABS will also publish building approvals for October on Thursday, the same day the Housing Industry Association releases it new home sales for October.

The local market closed flat on Friday, with the S&P/ASX200 index down 0.06 per cent to 5,982.6 points – although it rose by 0.4 per cent across the week.

The Australian dollar was trading at 76.21 US cents.