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Aust stocks to have a flat start to trade

 

The Australian share market is expected to open flat despite gains in metals prices and gains on Wall Street on the back of some strong company earnings.

At 0700 AEST on Tuesday, the Australian share price futures index was steady at 5,820.

In the US, the major stock indexes finished the session almost one per cent higher as optimism about the coming company earnings season overshadows the weekend's US-led missile attack on Syria.

The Australian share market on Monday closed in positive territory, led by the energy sector as investors rallied around hopes that tension in Syria and the China-US trade dispute have both peaked.

The benchmark S&P/ASX200 was up 12.2 points, or 0.21 per cent, at 5,841.3 points, while the broader All Ordinaries index was up 8.3 points, or 0.14 per cent, at 5,933.0 points.

In economics news on Tuesday, the Reserve Bank releases the minutes of its monthly policy meeting and cash rate decision, and the results of the ANZ-Roy Morgan consumer confidence weekly survey are due out

In equities news, Oil Search releases its first quarter production report, and the Bank of Queensland half year results are scheduled to be released.

The Australian dollar on Tuesday morning is higher, after Wall Street closed on an upbeat note.

At 0700 AEST, the local currency was worth 77.82 US cents, from 77.55 US cents on Friday.

CURRENCY SNAPSHOT AT 0700 AEST:

One Australian dollar buys:

* 77.82 US cents, from 77.55 on Monday

* 83.35 Japanese yen, from 83.15 yen

* 62.84 euro cents, from 62.91 euro cents

* 54.26 British pence, from 54.67 pence

* 105.68 NZ cents, from 105.61 cents

GOLD:

The spot price of gold in Sydney at 0700 AEST was $US1,345.38 per fine ounce, from $US1,343.33 per fine ounce on Monday.

BOND SNAPSHOT AT 0700 AEST:

* CGS 4.50 per cent April 2020, 2.0925pct, unchanged from Monday

* CGS 4.75pct April 2027, 2.7130pct, unchanged

Sydney Futures Exchange prices:

* June 2018 10-year bond futures contract was 97.240 (implying a yield of 2.760pct), from 97.245 (2.755pct) on Monday

* June 2018 3-year bond futures contract was 97.745 (2.255pct), from 97.760 (2.240pct)

(*Bond market closes taken at 1630 AEST previous local session; currency closes taken from 1700 AEST previous local session)