The market is set for a positive start with the ASX Futures up 0.2 per cent and markets around the world rising on the back of good business and economics news and little in the way of trade war issues.
The Australian share market closed the week higher, with the S&P/ASX 200 index up 43.6 points, or 0.7 per cent to 6278.4 this week. The positive market moves came on the back of company profit reports.
However, global stocks fell on Friday with investors concerned that Turkey’s economic crisis will spread to other economies and he Trump administration exacerbating the issue by doubling tariffs on the country.
Markets fear a domino effect from Turkey’s economy. Turkey’s deficit is at 5.5 per cent of gross domestic product. A large part of that is owed in foreign currency and is set for refinancing soon. Inflation in Turkey is running at 15 per cent.
The S&P 500 on Wall Street, fell 0.7 per cent as of 4 p.m. in New York, dropping 0.25 per cent on the week.
The Stoxx Europe 600 Index fell 1.1 percent. The FTSE 100 in London fell 1 per cent to 7667.01, Germany’s DAX was down 1.99 per cent to 12424.35 and the CAC in France closed 1.59 per cent lower at 5414.68.
Australian investors will be watching out for the NAB business conditions survey on Tuesday.
On Wednesday, the figures will be coming out on Australia’s subdued wages growth and on Thursday, there is the data from the Australian Bureau of Statistics on Australia’s unemployment level.
And the profit reporting season will be in full swing this week with 43 major companies reporting including BlueScope Steel, GPT, Bendigo & Adelaide Bank, JB HiFi, Challenger, Dominos Pizza, Whitehaven Coal, Computershare, CSL, IAG, Seek, Iluka, Seven West Media, Fairfax, Sonic Healthcare, Treasury Wine Estates, Woodside, IAG, Wesfarmers, ASX, Telstra, Origin, QBE, Primary Healthcare and Cochlear.