Australian stocks set for weak start as concerns linger

The news: The Australian sharemarket is set for a weak start after lacklustre trading on Wall Street on Friday and ongoing concerns about China’s economy.

The numbers: On Wall Street on Friday, the Dow ended 0.07% higher, the broader S&P 500 down 0.01% while the tech-heavy Nasdaq gave up 0.2%. ASX 200 futures were trading 23 points or 0.32% lower at 7070 points at 0700 AEST on Monday.

The context: The lacklustre trading on Wall Street capped weekly losses as a spate of strong economic data drove up US government bond yields, underlining investors expectations that rates will remain higher for longer than previously expected. Worry about China’s subdued economy has added to concerns in the Australian market. Local investors will be watching earnings for Bluescope, Ampol and IAG on Monday.