The ASX is looking at a modest start to trading later this morning despite Wall Street’s fall on Friday in the wake of the weaker than expected March jobs report.
Markets offshore were weak on Friday but despite that, traders on the ASX futures platform were still optimistic enough to push the market to a 46 point gain, so the physical market will start fairly upbeat.
That was after the ASX 200 fell 1.7% on Friday after an early positive start.
Oil and gold stocks will be looking for gains after rises in the relevant commodity prices on Friday (see separate oil story).
The Aussie dollar dipped back under 60 US cents and looks bound for another weak period as the economic pressures build on the Australian economy.
Eurozone shares fell 1.1% on Friday and the US S&P 500 fell 1.5%, as US payrolls fell sharply – 710,000 – in March and unemployment surged to 4.4%.
This was based on survey data taken before the shutdowns in the final 10 days of March.
Iron ore fell 4% last week, copper was weak, but gold-edged high on Friday.
The coming week will be shortened by the start of the Easter break – Chinese inflation data will be out on Friday, trade data next Monday.
The US March quarter earnings season starts next week – that will be very interesting.
