The Australian share market looks set to open unmoved by the global negativity and anxiety over a growing trade spat between the US and China
At 0700 AEST on Monday, the share price futures index was unchanged at 6,100.
The world’s key equity markets – except Tokyo’s Nikkei index, closed sharply lower in their previous session, with the FTSE100 losing 1.70 per cent, Germany’s DAX down 0.73 per cent and all three key Wall Street indexes finishing lower.
The Dow Jones Industrial Average fell 0.34 per cent, to 25,090.48, the S&P 500 lost 0.11 per cent, to 2,779.42 and the Nasdaq Composite dropped 0.19 per cent, to 7,746.38.
Locally, no economic or equities news is expected on Monday, other than CoreLogic’s capital city house prices survey for the week just ended.
The Australian market on Friday closed at a four-week high after investors decided it was time to buy back into beaten-down banks, and the major miners and energy stocks made solid gains.
The benchmark S&P/ASX200 was up 77.4 points, or 1.29 per cent, at 6,094.0 points at 1630 AEST, while the broader All Ordinaries index was up 75.7 points, or 1.23 per cent, at 6,205.3 points.
Meanwhile, the Australian dollar has slipped further as the US-China trade spat hurts commodities and commodity currencies.
The local currency was trading at 74.43 US cents at 0700 AEST on Monday, from 74.57 on Friday.
CURRENCY SNAPSHOT AT 0700 AEST:
One Australian dollar buys:
* 74.43 US cents, from 74.57 on Friday
* 82.38 Japanese yen, from 82.60 yen
* 64.22 euro cents, from 64.46 euro cents
* 56.11 British pence, from 56.34 pence
* 107.34 NZ cents, from 107.48 cents
The spot price of gold in Sydney at 0700 AEST was $US1,79.46 per fine ounce, from $US1,298.97 per fine ounce on Friday.
BOND SNAPSHOT AT 0700 AEST:
* CGS 4.50 per cent May 2021, 2.122pct, unchanged
* CGS 4.75pct May 2028, 2.6956pct, unchanged
Sydney Futures Exchange prices:
* September 2018 10-year bond futures contract at 97.295 (implying a yield of 2.705pct), from 97.2925 (implying a yield of 2.7075) on Friday
* September 2018 3-year bond futures contract at 97.845 (2.155pct), from 97.850 (2.150pct).
(*Bond market closes taken at 1630 AEST previous local session; currency closes taken from 1700 AEST previous local session)