Investors could be lacking direction when the ASX opens for trade, despite US indicies finishing higher overnight.
The benchmark SPI 200 futures contract was down 11 points, or 0.2 per cent, to 5,405.0 points at 0700 AEST on Wednesday, indicating a subdued start to trading.
Wall Street’s main indexes finished higher after healthcare stocks rallied, oil prices surged and a number of countries and US states eased coronavirus-induced restrictions in an attempt to revive their economies.
However stocks pulled back sharply late in the session after US Federal Reserve vice chair Richard Clarida made downbeat comments about the depth of the economic contraction.
On the home front, the Australian Bureau of Statistics will today publish its retail trade figures for March, which will shed more light on how COVID-19 and social distancing has changed consumer spending habits.
The S&P/ASX200 benchmark index finished Tuesday up 87.3 points, or 1.64 per cent, to 5,407.1, while the All Ordinaries index gained 88.6 points, or 1.64 per cent, to 5,478.1.
One Australian dollar buys 64.30 US cents at 0700 AEST, down from 64.46 US cents on Tuesday’s close.