The Australian share market is expected to dip slightly when trade resumes for the week, but a significant sell-off which saw prices tumble on Friday is unlikely to be repeated.

The futures market suggests the benchmark S&P/ASX200 will fall by a modest seven points when trade opens on Monday.

That comes after the Australian market suffered its worst day in five weeks on Friday, with heavy losses across the board.

The S&P/ASX200 benchmark index finished Friday down 276.5 points, or 5.01 per cent, at 5,245.9 points, while the All Ordinaries index closed down 272.7 points, or 4.87 per cent, at 5,325 points.

International markets also closed weaker on Friday, with Wall Street selling off sharply after US President Donald Trump revived a threat of new tariffs against China in response to the COVID-19 pandemic.

All three major US stock averages closed down – well over 2.0 per cent – and for the week they all lost ground.

CommSec chief economist Craig James says the Australian sell-off isn’t surprising given the market experienced its best monthly gain in more than 30 years in April.

“It’s to be expected that you would see some profit taking come in after such a huge rebound,” he told AAP.

“I think we’ve got that out of our system.”

Investors are now turning their focus to countries which are reopening after lockdowns and trying to track how successful they are, while keeping their eyes peeled for progress on treatments and vaccines.

But they will also have plenty of economic data and insights to sink their teeth into this week, with the Reserve Bank board holding their monthly meeting on Tuesday.

Figures on job advertisements, building approvals and inflation are set to be released on Monday and weekly payroll data is coming on Tuesday.

The latest retail trade figures will also be released on Wednesday, with international trade figures the following day.

Mr James said the March readings for both the retail and international trade metrics were “quite impressive”, suggesting the Australian economy may have held up OK in the March quarter.

“Certainly we’re going to see a very big decline in the Australian economy in the June quarter, the quarter we’re currently in,” he said.

One Australian dollar was buying 64.60 US cents on Friday, after falling about half a cent in value on the day.

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