The Australian share market looks set to open sharply higher after fresh record highs on US and British markets.

At 0700 AEDT on Monday, the share price futures index was up 31 points, or 0.52 per cent, at 6,049.

In the US, the S&P 500 and Nasdaq both registered their eight record closing highs out of the first nine trading days of 2018, while the Dow boasted its sixth closing high of the year.

Britain’s top share index, the FTSE100, held onto record high levels on Friday, supported by a sharp rise in British engineering group GKN which said it had rejected an unsolicited offer from rival Melrose.

The Dow Jones Industrial Average rose 0.89 per cent, to 25,803.19, the S&P 500 gained 0.67 per cent, to 2,786.24 and the Nasdaq Composite added 0.68 per cent, to 7,261.06.

The FTSE 100 benchmark was up 0.20 per cent at 7,778.64 points at its close.

Locally, in economic news on Monday, the CoreLogic capital city house prices survey for the week just ended is due out.

No major equities news is expected.

The Australian market on Friday closed flat, as strong gains by miners and some energy companies offset losses among financial, property and consumer stocks.

The benchmark S&P/ASX200 index rose 2.5 points, or 0.04 per cent, to 6,070.1, while the broader All Ordinaries index lifted 0.6 points, or 0.01 per cent, to 6,176.8 points

Meanwhile, the Australian dollar is back above 79 US cents after the green fell to a more-than-three-year low against the euro, which in turn pulled the US dollar index down one per cent.

The local currency was trading at 79.08 US cents at 0700 AEDT on Monday, from 78.79 on Friday.


One Australian dollar buys:

* 79.08 US cents, from 78.79 on Friday

* 87.88 Japanese yen, from 87.65 yen

* 64.83 euro cents, from 65.42 euro cents

* 57.57 British pence, from 58.17 pence

* 109.07 NZ cents, from 108.69 cents


The spot price of gold in Sydney at 0700 AEDT was $US1,337.22 per fine ounce, from $US1,338.119 per fine ounce on Friday.


* CGS 4.50 per cent April 2020, 2.0266, from 2.026pct

* CGS 4.75pct April 2027, 2.7001, from 2.6995Xpct

Sydney Futures Exchange prices:

* March 2018 10-year bond futures contract at 97.230 (implying a yield of 2.770pct), from 97.245 (implying a yield of 2.755pct) on Friday

* March 2018 3-year bond futures contract at 97.825 (2.175pct), from 97.830 (2.170pct).

(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)