A rally in global stocks will be confronted by key inflation data in the US and Australia this week which threatens to entrench expectations of delayed interest rate cuts in good news for lofty sharemarket valuations.

Futures indicate the S&P/ASX 200 will open 2 points lower on Monday, tracking a muted lead from Wall Street where the S&P 500 capped its first weekly loss since early September. The Australian sharemarket shed 0.9 per cent last week to 8211.3.