ASX edges up 0.56% ahead of US bank holiday

The news: The benchmark ASX 200 finished slightly higher on Monday, up 0.56% to 7,318.80. The Aussie dollar gained slightly more than 0.5% against the greenback, and is buying 64.7 US cents. Hong Kong's Hang Seng Index rose 2.3% after China announced more support for its property sector, which has been struggling from a serious liquidity shortage.

The numbers: By sector, materials and energy shares moved the most, gaining 1.9% and 1.7% respectively. BHP, Rio Tinto, South 32 and Mineral Resources all lifted more than 2%, after investors were encouraged by China's moves to stabilise its economy the demand for resources it represents. SkyCIty Entertainment shares tanked more than 15% as the NZ Gambling Commission considers suspending the group's casino license.

The context: Markets and traders alike seem confident Philip Lowe will keep the cash rate on hold at his final RBA meeting as governor tomorrow. Australian quarterly GDP data will follow on Wednesday. US markets will be closed overnight for the Labour Day bank holiday. Services PMI data is due tomorrow in China, Spain, Italy, France Germany and the UK.