Australian shares opened little changed on the final day of the financial year despite stocks in the United States rallying strongly as geopolitical tensions in the Middle East eased and the technology sector rebounded.
By 10:25 am AEST (12:25 am GMT), the ASX 200 index was trading just 0.06% lower.
U.S. stocks had ended higher on Monday with the Dow Jones Industrial Average closing at a new peak as investors focused on improving prospects for diplomacy between the U.S. and Iran and the coming second-quarter earnings season.
The technology-heavy Nasdaq Composite surged 2.1% while the Dow Jones added 0.6% and the S&P 500 jumped 1.2%.
The technology sector recovered after worries about artificial intelligence (AI) capital investment undercut semiconductor company stocks prices.
"The market is looking forward and preparing for earnings season, which is not that far away," Spartan Capital Securities chief market economist Peter Cardillo was quoted telling Reuters in this report.
The Australian market made a positive start to the week on Monday with the ASX 200 Index closing 0.7% higher as eight of the 11 sectors finished up.
On the bond markets, yields on Australian Government bonds were unchanged, with two-year rates at 4.442% and 10-year rates at 4.742 at the time of writing.
