Australian share market set to open higher

THE Australian market looks set to open slightly higher, bucking the lead from Wall Street where stock fell dragged down by Exxon and JPMorgan Chase.

THE Australian market looks set to open slightly higher, bucking the lead from Wall Street where stock fell dragged down by Exxon and JPMorgan Chase.

At 0700 AEST on Monday, the share price futures index was up seven points, or 0.12 per cent, at 5,855.

In the US, investors wrapping up a strong quarter are now looking to upcoming earnings season to see if pricey valuations are justified.

The Dow Jones Industrial Average lost 0.31 per cent, the S&P 500 fell 0.23 per cent while the Nasdaq was flat, down 0.04 per cent.

Locally, in economic news on Monday, the Australian Bureau of Statistics releases March’s retail trade figures, as well as building approvals data for February.

The Australian Industry Group releases its performance of manufacturing (PMI) index.

The weekly CoreLogic capital city house prices survey is due out. No major equities news is expected.

The Australian market on Friday fell as investors banked some profits following its strong run over the previous three trading sessions..

The benchmark S&P/ASX200 index fell 31.3 points, or 0.53 per cent, to 5,864.9 points.

The broader All Ordinaries index lost 28 points, or 0.47 per cent, at 5,903.8 points.

Meanwhile, the Australian dollar is down against its US counterpart, although the greenback remained steady in the last offshore session.

The local currency was trading at 76.32 US cents at 0700 AEDT on Monday, from 76.43 on Friday.

CURRENCY SNAPSHOT AT 0700 AEST

One Australian dollar buys:

* 76.32 US cents, from 76.43 on Friday

* 85.02 Japanese yen, from 85.51 yen

* 71.58 euro cents, from 71.59 cents

* 60.83 British pence, from 61.29 pence

* 108.96 New Zealand cents, from 109.40 NZ cents

BOND SNAPSHOT AT 0700 AEST

* CGS 5.25 per cent March 2019, 1.7476pct, from 1.7470pct

* CGS 4.25pct April 2026, 2.6366pct, from 2.6360pct

Sydney Futures Exchange prices:

* March 2017 10-year bond futures contract at 97.275 (implying a yield of 2.725pct), from 97.270 (2.730pct) on Friday

* March 2017 3-year bond futures contract at 98.05 (1.950pct), unchanged.

(*Currency closes taken at 1700 AEST previous local session, bond market closes taken at 1630 AEST previous local session)