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Australian stocks look set to start the week on a flat note as enthusiasm fades after recent moves by overseas central banks to stimulate their struggling economies.
On the ASX24, the SPI futures contract was unchanged at 4410. The Aussie dollar has eased slightly after a strong day of gains on Friday. It was recently buying $US1.0445, down from $US1.0473 late on Friday.
Making news today
In economics news:
- Housing Industry Australia new home sales
In company news:
- Brookfield Australian Opportunities Fund unitholders meeting
- Callabonna Uranium general meeting
- Venture Minerals general meeting
- The following companies trade ex-dividend today: Newcrest, Consolidated Media, Pan Australia, Cabcharge, Seven Group, Myer, Crown
Making new this week
- Tuesday: RBA financial stability review
- Thursday: ABS job vacancies for August
- Friday: ABS private sector credit for August
Taking a breather
AMP Capital chief economist Shane Oliver said global share markets had risen about five per cent after the European Central Bank and US Federal Reserve launched further measures to support their respective economies.
"Markets are now pausing for breath waiting for the next direction," Dr Oliver said on Sunday.
"It is quite normal for markets to have a big run up and then you have a bit of pull back as some people take profits."
Dr Oliver said Australian market players were looking for signs of improvement in the Chinese economy, given recent indications Australia's major trading partner was slowing.
"That's why our market, in the great scheme of things, hasn't participated as much in the rally that we have seen over the last couple of weeks," Dr Oliver said.
How we fared last week
Australian shares closed firmer, with gains underpinned by strength in the financial sector.
The benchmark S&P/ASX200 index rose 11.1 points, or 0.25 per cent, to 4408.3, while the broader All Ordinaries index gained 11 points, or 0.25 per cent, to 4430.8.
The ASX200 also added 0.4 per cent for the week, chalking up its third straight week of gains.
BusinessDay with agencies