The Australian share market is set to again open lower as the Chinese economy’s growth continues to weigh on international markets.
CommSec’s chief economist Craig James says the futures market should be more reliable after not being a great indicator in recent times.
He expects a quiet start to the week with the Veterans Day holiday taking place in the United States on Monday.
European, US and Canadian markets were all down on Friday.
‘It’s down 37 points, the futures market, and that may be the way we start off on Monday morning,’ Mr James told AAP.
Upcoming data from China on retail sales production and investment will give experts a better handle about how fast the country’s economy is growing.
In Australia, good outcomes are expected ahead of new wage price index and unemployment figures being released respectively on Wednesday and Thursday.
‘For employment we’re looking for a gain of 25,000 and if we get those readings coming through there will be a few more question marks about interest rates and where they are going,’ Mr James said.
The Australian dollar closed at 72.25 US cents on Friday and Mr James expects it to remain around 71-72 cents until the end of the year.
But that could change depending on developments in the US-China trade dispute.
‘If we get a trade resolution then we will start to see the Aussie dollar perk up a bit and it may climb up around 73 or 74 cents,’ Mr James said.
Mr James says Friday’s terrorist attack in Melbourne will do little to affect the markets.
‘It’s just seen as unfortunately one of those things to have happened but there will be no impact in terms of the economy or financial markets,’ he said.