Australian stocks are flat following an early dip with investor nervousness ahead of local economic data releases weighing heavily on the market.
Australian stocks are flat following an early dip with investor nervousness ahead of local economic data releases weighing heavily on the market.
At 1052 AEST, the benchmark S&P/ASX200 was up 2.2 points, or 0.04 per cent, at 5,867.1 points.
The broader All Ordinaries index was up 1.6 points, or 0.02 per cent, at 5,905.4 points.
The June SPI200 futures contract was up 7 points, or 0.1 per cent, at 5,855 points.
National turnover was 547.1 million securities traded worth $700 million
At 1052 AEST on Monday, the benchmark S&P/ASX200 index was up 0.04 per cent.
CMC Markets chief market strategist Michael McCarthy said the first day of the new trading quarter was kicking off a data-packed week, including Australian retail sales and building approvals on Monday morning.
He said trading volumes were lower with investors nervous ahead of important releases.
"It's a pretty soggy start, overall, and (it's) disappointing to see us slip into negative territory," he told AAP.
"Until we get building approvals and retail sales out of the way I can't see Australian investors wanting to dip in anywhere."
In the US futures markets overnight, the Dow Jones Industrial Average, S&P 500 futures markets and the Nasdaq all fell, continuing the negativity from the end to last week.
In local shares, a drop in iron ore and copper prices weighed on the major miners.
Rio Tinto fell 1.11 per cent to $59.79 and BHP Billiton dropped 1.39 per cent at $23.70. Rival Fortescue Metals was also down, by 1.61 per cent at $6.13.
Mr McCarthy noted that investors nervous about the week's global economic data releases were still supporting gold prices, which have risen marginally.
That helped gold mining giant Newcrest Metals lift 1.12 per cent to $22.52 in early trade.
Meanwhile, the big four banks were all between 0.16 per cent and 0.57 per cent lower, with National Australia Bank leading the falls, dropping 0.57 per cent to $33.15.
Meanwhile, the Australian dollar was trading at 76.31 US cents, down from 76.43 cents on Friday.
IG Markets strategist Chris Weston said investors were beginning to see the Aussie as overvalued against the greenback amid continuing optimism about the US economy and the anticipation of further US interest rate rises.
