Australian shares set to start higher
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The news: The Australian sharemarket is set to edge higher in early trading amid a lack of cues, with the US and UK sharemarkets closed overnight for a public holiday.
The numbers: The pan-European STOXX 600 index ended 0.3% higher, in touching distance of an all-time high. In the local market, ASX 200 futures were up just 6 points or 0.08% at 7,824 points at 7:00am AEST on Tuesday.
The context: European stocks closed slightly higher despite light trading activity due to the absence of US and UK participants, with investors awaiting the European Central Bank’s policy meeting next week that could see it start easing interest rates. Bets show an over 90% probability of a rate cut. Spotlight this week would be on a reading of May consumer prices for the eurozone due on Friday.
US inflation data, also due on Friday, could help traders assess the timing and numbers of possible rate cuts by the Federal Reserve this year.
In the local market, the focus will be on monthly retail sales figures at 11:30am, which could offer clues on the outlook for the Australian economy.
The source: Reuters
