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Australian shares look set for a positive start on Tuesday after Wall Street pulled off its third-straight week of gains on Friday despite ongoing tensions between the US and its G7 partners over trade.
However, with another trading day on world markets before the ASX opens following Monday's holiday - and the fallout from the G7 summit in Canada yet to be fully processed - this could change.
Australian share futures were trading 10 points higher on Sunday after the S&P 500 index rose 1.6 per cent and the Dow Jones Industrial Average climbed 2.8 per cent for the week, along with a rally in the price of gold and copper.
German Chancellor Angela Merkel, centre, speaks with U.S. President Donald Trump, seated at right, during the G7 Leaders Summit in La Malbaie, Quebec, Canada.
Photo: APLocally, the benchmark S&P/ASX200 index closed down 12.1 points, or 0.2 per cent lower at 6,045.2, on Friday, with the broader All Ordinaries index also down 12.6 points, or 0.2 per cent weaker, at 6,156.8 points.
AMP Capital chief economist Shane Oliver says he doesn't expect the outcome of the G7 summit to be positive following President Trump's late entrance, rants about the US being taken advantage of and early exit.