The Australian market is expected to open strongly today with the ASX Futures up 0.6 per cent in what will be a big week for investors with the Federal Budget and the release of important economic data.
It will also follow from last week’s solid performance from the markets with the S&P/ASX 200 index putting in the best weekly performance since late March 2017.
On Wall Street, US stocks closed sharply higher on Friday with Dow Jones Industrial average up 332.36 points at 24,262.51 and the S&P 500 up 1.5 per cent to finish at 2663.42.
Markets were mixed in other parts of the world with the Britain’s FTSE 100 up 0.4 percent to 7533, France’s CAC 40 slipping 0.1 percent to 5499 and Germany’s DAX adding 0.4 percent to 12,746.
For investors, the big ticket item will be the Federal Budget on Tuesday night which will present the size of the tax cuts for businesses and for low and middle income households.
The Government says low and middle-income earners would be the first priority but Treasurer Scott Morrison yesterday played down the size of the tax cuts.
“I’m not going to pretend these are going to be mammoth tax cuts or anything like that,” Mr Morrison told Channel Nine on Sunday. “They will be what’s affordable, they will be real, and they will be within what the budget can afford.”
Also on Tuesday, the Australian Bureau of Statistics will be releasing the figures on retail turnover.
The ANZ job ads figures will be released on Monday along with business sentiment figures.