The Australian share market is tipped to rise but economists remain wary of the coronavirus volatility that ensured global equities ended the week on a sour note.

The SPI200 futures contract was up 46 points, or 0.91 per cent, at 5,079.0 points at 0800 AEDT on Monday, suggesting local stocks will gain at the open of markets.

Wall Street’s main indexes fell more than 1.5 per cent on Friday after US employment showed a worse-than-expected drop in jobs amid the COVID-19 pandemic.

CommSec chief economist Craig James said the US market, and the expected raft of news about COVID-19 on Monday, would continue influence Australian shares.

IG Markets analyst Kyle Rodda said the key remains the trajectory of new coronavirus cases.

“Just as is the case for everyone currently, market participants’ decision-making centres on what success health authorities – especially those in Europe and the US – are having in “flattening the curve” of new COVID-19 cases,” Rodda said.

“Globally, the curve continues to rise, as the number of infections of the disease approached 1.2 million over the weekend. The United States has arguably become the epicentre for the virus now. It’s caseload has jumped beyond 300,000, with new cases in the US still increasing exponentially.”

The S&P/ASX200 benchmark index finished Friday down 86.8 points, or 1.68 per cent, having also been tipped to rise in early trade.

Despite recording back-to-back sessions in the red, the local bourse still rose 4.6 per cent over the five sessions for its best weekly gain since December 2011.

Oil prices rose after US President Donald Trump’s on Saturday said he will put tariffs on Saudi and Russian production, potentially accelerating a meeting between the two.

Gold is also higher – buying $US1,615.76 per ounce.

One Australian dollar was buying 59.98 US cents at 0800 AEDT on Monday, down from 60.63 US cents at the close of market on Friday.