Traders were taking an each-way bet on the likely direction of Australian shares at the start of a week that will include important inflation data along with more trade developments before ending with the Federal Election.
Australian Securities Exchange (ASX) futures trading pointed to a relatively flat opening to trade on Monday despite a stronger end to the week on Wall Street.
When it last traded last Friday the S&P/ASX 200 June share price index futures contract was quoted just two points (0.02%) higher than the previous settlement of 8,078.
Share prices marched higher on Friday in New York, boosted by strength in technology companies, as investors continued to monitor developments in the trade war between the United States and China and digest quarterly earnings reports.
The Dow Jones Industrial Average added 0.1%, the S&P 500 put on 0.7% and the tech-laden Nasdaq Composite jumped 1.3%, providing a positive undertone for an Australian market that had finished higher on the last day before the Anzac Day public holiday.
The S&P/ASX 200 index added 0.6% to 7,968.2 points with the healthcare and materials sectors leading the best of the nine sectors that finished higher last Thursday.
This week investors are awaiting the release of consumer price index data for the March quarter on Wednesday, given it will be a key determinant of the decision by the Reserve Bank of Australia (RBA) on whether to cut interest rates again.
The RBA is expected to reduce official rates at its next meeting on 19 and 20 May. However, in the meantime Australians head to the polls on Saturday to elect a government for a three-year term.
Among the stocks to keep an eye on today are Brambles (ASX: BXB), Gold Road Resources (ASX: GOR), Lynas Rare Earths (ASX: LYC) and Yancoal Australia (ASX: YAL), which provide quarterly updates, according to CommSec.
On fixed interest markets, Australian Government 10-year bond yields rose 0.31% to 4.160% while rates on two-year paper fell 0.18% to 3.291%.
