Australian shares set to tread water with no Wall St lead

Tuesday, 5 Jul 2016 06:25:54 | Peter Ryan

The Australian share market is expected to open very slightly lower. (Greg Wood, file photo: AFP)

Wall Street has been closed for the Independence Day public holiday, leaving the local share market set for a relatively subdued start to trade.

Earlier, stocks across Europe ended weaker, with London's main index closing down by 0.8 per cent.

Investors were taking profits after markets bounced back strongly in the wake of Britain's surprise vote to leave the European Union.

With no lead-in from the US, the futures market is predicting the benchmark ASX 200 will open very slightly lower later this morning, with a 0.2 per cent decline in the SPI 200 contract.

Oil was also slightly lower at $US48.97 a barrel for West Texas, and just over $US50 for Brent.

Gold was again higher around $US1,350 an ounce.

Today's big local focus is the meeting of the Reserve Bank board.

The cash rate is set to remain on hold at the historic low of 1.75 per cent, but analysts will be watching for commentary on Brexit fallout and the outlook for inflation.

Ahead of the 2:30pm (AEST) RBA decision, the Australian dollar was higher at 75.3 US cents and 56.7 British pence.

AustraliaPlus

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Australian shares set to tread water with no Wall St lead

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