Australian shares are expected to open higher on Monday following a stronger finish on Wall Street on Friday (Saturday AEST).
The S&P/ASX 200 June share price index futures contract was quoted 32 points (0.38%) above the previous settlement at 8,280 when it last traded on Friday, paving the way for the Australian equities winning streak to be extended to an eighth day.
The direction was set by the performance of New York stocks which closed higher on Friday, buoyed by positive economic data, strong corporate earnings and a possible easing of trade tensions with China.
The Dow Jones Industrial Average rose 1.39%, the S&P 500 1.47% and the Nasdaq Composite 1.51%, wrapping up a second consecutive week of gains with the S&P continuing its longest winning streak in 20 years.
Moreover, the advances in these indices more than offset previous losses sparked by United States President Donald Trump’s tariffs on imports, particularly from China, which has used a more conciliatory approach to potential trade talks.
The Australian sharemarket closed higher for a seventh consecutive session on Friday, reaching a two-month high as the S&P/ASX 200 added 1.1% to 8,238.0 points.
Among the stocks to watch today are Westpac Banking Corp (ASX: WBC), which has reported its half-year results, and Endeavour Group (ASX: EDV), which has provided a first-quarter trading update.
Australia economic news includes inflation, job advertisements and service sector activity data, CommSec said.
On fixed interest markets, the Australian Government bond yield curve flattened with 10-year rates falling 0.22% to 4.272% and two-year rates rising by 0.81% to 3.3355.
