The market is in for a positive start with the ASX Futures up 0.3 per cent with fears about an escalation of Donald Trump’s trade war with China failing to have an impact on investors.
Shares will face the business earnings test this week with profits to start flowing for the June 30 financial year.
On Wall Street, the S&P 500 closed 0.5 per cent firmer, posting its fifth weekly gain, while the Dow Jones Industrial Average rose 0.5 per cent and the Nasdaq 100 Index added 0.3 per cent
European stocks rebounded with the Stoxx Europe 600 index up 0.7 per cent, the German DAX closed 0.6 per cent higher to 12,615.76, after sliding 1.5 per cent the day before, the FTSE100 Index in the UK rose 1.1 per cent to 6759.10 offsetting Thursday’s 1 per cent drop and the French CAC 40 Index rose 0.3 per cent to reach 5478.98, despite booking a weekly decline of about 0.6 per cent.
In Australia, the S&P/ASX 200 index was down 6 points, or 0.1 per cent, to close at 6234 on Friday, posting a weekly loss of 1 per cent.
Investors will be waiting for the Reserve Bank of Australia meeting on Tuesday although no one is expecting the RBA will increase rates.
Also of interest for investors will be the Australian housing finance figures on Wednesday.
Another focal point for investors will RBA governor Philip Lowe’s speech on Wednesday at the Anika Foundation Luncheon in Sydney on the topic of Demographic Change and Recent Monetary Policy.
Companies reporting profits this week will include Transurban, SCA Property Trust. CBA, AMP, Tabcorp, AGL, Crown Resorts, Mirvac, Orora, Suncorp, Newscorp and REA.
The Royal Commission will also recommence this week, focusing on superannuation.