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Australian share market is expected to open flat at open on Tuesday.
As per the latest ASX Futures, the benchmark ASX 200 would open 1 point higher.
Wall Street was closed for the Independence Day holiday.
Australian share market is expected to open flat at open on Tuesday ahead of Reserve Bank of Australia’s (RBA) monetary policy meeting. Investors would be closely tracking the official rate meeting scheduled at 2:30 PM (AEST) after the RBA surprised the market with its 50 bps rise to 0.85% in its last outing. According to experts, the Australian central bank may further hike the official rate by 50 bps to 1.35%.
The US stock indices were closed on Monday on account of Independence Day holiday. US futures traded on a lower note. The Dow Jones futures fell 0.3%, the S&P 500 futures declined 0.4%, the NASDAQ futures fell 0.5%.
Meanwhile, minutes of the Fed's June policy meeting scheduled to be released on Wednesday may sound hawkish.
In Europe, the Stoxx 50 rose 0.1%, the FTSE surged 0.9%, the CAC gained 0.4%, and the DAX fell 0.3%.
MSCI's world equity index gained 0.38%. MSCI's broadest index of Asia-Pacific shares outside Japan surged 0.34%. Japan's Nikkei added 0.84%.
While US cash treasuries were closed, futures advanced gains. The 10-year yields were holding around 2.88%.
The US dollar ticked 0.06% lower to 104.99 against a basket of currencies.
Oil prices inched higher on supply concerns despite looming recession fears. The prices of oil rebounded after earlier falling by US$1 as data revealed lower output from the OPEC. Unrest in Libya, sanctions on Russia, and a strike in Norway could hit supplies this week.
In June, OPEC’s output declined 100,000 barrels per day (bpd) to 28.52 million bpd, down from their pledged rise of nearly 275,000 bpd.
Gold prices rose on Monday on account of softened US dollar.
Meanwhile, downbeat market sentiment and muted short-term demand weighed on iron prices. The most-traded September iron ore contract on China's Dalian Commodity Exchange closed 5.8% lower at 719.50 yuan (US$107.49) a tonne.
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