The Australian share market is tipped for a modest rise, with the futures index pointing to a 7 point gain.
It comes as Wall Street finished mixed on Friday, with investors taking in a suite of economic news, before markets close there for Memorial Day.
The Dow Jones closed 2.6 points lower, with Home Depot contributing the most losses.
The S&P 500 and Nasdaq, however, rose, extending their winning streak to seven sessions. On the S&P, consumer staples led the charge while real estate underperformed.
Meantime, Gold, Silver and Oil all are trading higher.
US economic newsUS economic growth increased to a 1.2 per cent annual rate for the first quarter of 2017, beating expectations of 0.9 per cent. Despite the rise, it is the weakest performance since the first quarter of 2016. It follows the 2.1 per cent growth recorded for the fourth quarter of 2016. While the US President Donald Trump campaigned to increase annual GDP growth to 4 percent, officials now believe 3 per cent is more likely.
US durable goods orders fell 0.7 per cent in April, following a rise of 2.3 per cent in March. Itís the first fall in capital goods in five months. The slump in orders comes as civilian aircraft space orders fell over 9 per cent, while orders in transportation equipment fell over 1 per cent.
The University of Michigan's Consumer Sentiment Index hit a reading of 97.1, which was below expectations of 97.5. While the index measures consumer attitudes on topics including personal finances, inflation and unemployment, the result is largely unchanged from Aprilís reading of 97.
Local economic newsOn Tuesday the ABS will release its data for new building approvals in April.
Come Wednesday, the RBA will reveal private sector credit levels for April.
On Thursday the ABS reports levels of business investment for the March quarter and retail trade for April.
Also on Thursday, CoreLogic will reveal the house pricing data for May and AIG will also release its Performance of Manufacturing Report for May, which is expected to show a robust manufacturing expansion.
Finally, on Friday the Housing Industry Association will release its data of new home sales.
MarketsWall Street closed mixed on Friday: The Dow Jones closed flat at 21,080, the S&P 500 rose just 0.03 per cent, closing pretty much flat to end at 2,416 and the NASDAQ gained 0.1 per cent to close at 6,210.
European markets closed mixed: Londonís FTSE gained 0.4 per cent, Paris was flat and Frankfurt fell 0.2 per cent.
Asian markets closed mixed: Tokyoís Nikkei fell 0.6 per cent, Hong Kongís Hang Seng was flat, and Chinaís Shanghai Composite lifted 0.1 per cent.
And back home, the Australian share market closed lower on Friday: The S&P/ASX 200 Index closed 38 points down to finish at 5,752. Over the week the index rose 24 points. On the futures market the SPI is 7 points up.
Company newsNewfield Resources Limited
(ASX:NWF) has entered into an option agreement to receive $3 million (before costs) from its 10 million unlisted options.
The mining company entered into an underwriting agreement with Townshend Capital, to exercise its options at 30 cents each by 15 June 2017.
Newfield Resources says the funds will contribute to working capital at its Allotropes Diamond Project in Sierra Leone. Shares in Newfield Resources
(ASX:NWF) last traded at 40 cents.
Ex-dividendsOne company is going ex-dividend today:
PTB Group Limited
(ASX:PTB) is paying 5 cents fully franked.
CurrenciesThe Australian Dollar at 7:30AM was buying 74.41 US cents, 58.13 Pence Sterling, 82.80 Yen and 66.60 Euro cents.
CommoditiesGold has gained $12 to $US1,271 an ounce.
Silver has added 13 cents to $US17.32 an ounce.
And Oil has lifted 90 cents to $US49.80 a barrel.
