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Aust share market poised for flat start

Australian money background. Fifty dollar notes.

Australia’s share market is poised for a flat start, although investors may be encouraged by Wall Street’s belief in economic recovery and its playing down of violent social unrest.

The SPI 200 futures contract was higher by 9.0 points, or 0.15 per cent, to 5,837.0 at 0800 AEST on Tuesday, indicating a flat start.

The Dow Jones, Nasdaq and S&P 500 in the US finished higher by less than 1.0 per cent overnight after a strong May rally.

The White House called for law and order after six nights of widespread, violent demonstrations triggered by the death of civilian George Floyd at the hands of police, even as the country reels from the economic effects of coronavirus pandemic-related lockdowns.

Kingsview Asset Management portfolio manager Paul Nolte said: “Most investors are saying (the protests) aren’t going to destroy the economy. It’s a roadblock but it’s not as big as a pandemic.”

In Australia, the Reserve Bank board will meet on Tuesday to consider the cash rate but economists do not expect the rate to change from its record low 0.25 per cent.

RBA governor Philip Lowe has said Australians can expect low rates for some time.

The Australian Bureau of Statistics will publish balance of payments data on financial transactions and business profits data for the March quarter.

The benchmark S&P/ASX200 index closed Monday up 63.5 points, or 1.1 per cent, at 5,819.2 points.

The All Ordinaries closed up 66.2 points, or 1.13 per cent, at 5,938.4 points.

The Aussie dollar has surged this week following a rise in iron ore prices and the release of better-than-expected Chinese manufacturing data.

The dollar continued climbing this morning and was buying 68.01 US cents at 0800 AEST, up from 67.46 US cents at the close of trade on Monday.

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