The market is in for a soft start with the ASX Futures at -0.3 per cent after the global markets edged down at the end of last week.
For most of the week, markets were up focusing on some positive news including good US earnings results. Even the Australian share market was moving to break through the 6300 level.
That saw the S&P/ASX 200 index closing up 23.2 points, or 0.37 percent firmer, at 6285.9 on Friday.
But at the end of the week, the European market was dragged down by Italian stocks. The Stoxx Europe 600 Index fell 0.9 per cent to close at 380.85, its lowest close since April. Italy’s FTSE MIB was the worst, falling by 2 per cent to 21,673.11. Germany’s DAX 30 index fell 1.4 per cent to 12,511.91, while France’s CAC 40 index slipped 1.1 per cent to 5316.01 and the U.K.’s FTSE 100 lost 0.9 per cent to 7556.44.
On Wall Street, stocks closed mostly lower following President Donald Trump’s trade salvos saying he was “ready to go” with additional import tariffs, accusing China and the European Union of manipulating their currencies and interest rates. Mr Trump also criticised the US Federal Reserve via Twitter on Friday, saying that higher interest rates would punish the US by contributing to a stronger dollar.
The S&P500 slipped 0.1 per cent to 2,801.83, the Dow Jones Industrial Average slipped 6.38 points to 25,058.12 and the Nasdaq Composite closed 0.1 per cent lower at 7820.20.
The big data news for Australian investors will be the consumer price index figures on Wednesday, tracking the nation’s inflation levels. The Reserve Bank of Australia board will be watching it closely too.
On Tuesday, there will be a production and sales report from mineral sands miner Iluka and on Friday, manufacturer GUD will be releasing its profit figures.