Investors in the Australian share market may not have a lot to crow about on Tuesday with early indicators of a flat start to trade.
The benchmark SPI 200 futures contract was up 17 points, or 0.32 per cent, to 5,335.0 points at 0700 AEST on Tuesday, indicating a subdued start.
US stocks finished higher overnight with increases in large tech and internet companies and oil price gains.
Gains in Microsoft, Apple and Amazon were the biggest lifts for the S&P 500.
Energy was the best performing S&P 500 sector, rising 3.7 per cent, as oil prices gained.
Meanwhile in Australia, the Reserve Bank board will this afternoon declare any change to the cash rate, but economists expect the record low level of 0.25 per cent to remain.
JP Morgan Australia chief economist Ben Jarman said: “There aren’t any other obvious policy levers to be pulled right now given how much already has been done”.
The bank cut the rate twice in March, and introduced quantitative easing measures, as COVID-19 crept its way into the country.
Elsewhere on the home front, construction industry data for April is due to be published.
The S&P/ASX200 benchmark index closed Monday up 73.9, or 1.41 per cent, at 5,319.8 points, while the All Ordinaries index finished 64.5 points higher, or 1.21 per cent, at 5,389.5 points.
One Australian dollar buys 64.26 US cents at 0700 AEST, down from 63.90 US cents at Monday’s close.