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ASX tipped for a cautious start despite upbeat US lead

The Australian sharemarket is primed for a cautious start to the week as investors look forward to an improved economic outlook from the Reserve Bank and the flow of earnings season reports gathers pace.

SPI futures are flat, down 1 point or 0.02 per cent, on Sunday despite a relatively upbeat lead from Wall Street. The Dow Jones Industrial Average rose 114.67 points, or 0.44 per cent, the S&P 500 gained 24.9 points, or 0.77 per cent and the Nasdaq Composite added 157.46 points, or 1.49 per cent, on Friday.

Meanwhile, the ASX limped into the weekend, shedding 2 per cent in its worst session in five weeks. Dour US economic data and political wrangling over a stimulus deal exacerbated mounting coronavirus concerns, offsetting a slew of positive earnings reports from the big US tech firms.

Despite the heavy loss, the local bourse still managed to edge 0.5 per cent in July to register its fourth straight month of gains.

The Reserve Bank of Australia will take centre stage this week, beginning with its monthly board meeting on Tuesday.

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