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Reluctant risk-on

Australian investors are looking at a better start to the week after shares and commodities rallied on Friday night. A relatively data-lite week and a weakening USD could see support continue through the session, although the give up of even stronger gains toward the end of US trading may see a cautious start.

The gains in risk assets and pressure on bond markets are underpinned by lower than expected jobless claims. However ongoing concerns about the potential for instability in US politics and subsequent questions around the implementation of a stimulus agenda could see a reversal in sentiment at any time. The release of the April leading economic index for China could bring a local flavour to market moves.

The sliding USD is supporting commodity prices. Oil, copper and iron all traded higher on Friday night. Oil is making further gains on strong volumes in early Asia-Pacofic trading, pointing to potential for further strength.

This week brings investor days for Challenger and Woodside, earnings reports from Fisher and Paykel and Aristocrat, and AGMs for OZ Minerals, Alumina Ltd and Adelaide Brighton. Investors will turn to outlook statements and forward guidance as the most likely drivers of share price moves.

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