Australian stocks are in for a soft start with the ASX futures down 0.3 per cent after markets eased on Friday.
The S&P/ASX closed down 12.2 points, or 0.21 per cent, at 5868.8 as the rally in miners came to an end and the major banks were under pressure from the ongoing revelations at the Hayne banking royal commission.
The fall was in line with overseas stocks.
Wall Street extended losses in late trade to end lower on Friday with the S&P 500 declining 22.99 points, or 0.9 per cent, to 2670.14 as ten of the 11 main indexes ended with losses on the back of weaker consumer staples and technology stocks offsetting good earnings results. However, Wall Street’s benchmark index still posted a 0.4 per cent gain over the week.
World stocks also dipped on Friday with the MSCI All-Country World Index, which tracks shares in 47 countries, down 0.3 per cent.
Japan’s Nikkei eased 0.1 per cent with the drop in the tech sector outweighing the gains in energy and financials and stocks in South Korea taking a 0.5 per cent dip.
The pan-European Stoxx 600 Index slipped 0.17 per cent, London’s FTSE 100 Index was up by 0.35 per cent, Frankfurt’s DAX was 0.10 per cent weaker and Paris’ CAC-40 was down by 0.02 per cent.
Australian investors will be keeping an eye on the inflation data from the Australian Bureau of Statistics on Tuesday. The stats will continue to shape the Reserve Bank of Australia’s thinking on interest rates.
Also, the RBA’s Assistant Governor Christopher Kent will be making a speech on the same day talking on Australia’s housing market.