The Australian market looks set to open lower later this morning, following falls in US stocks on Friday night.

The June SPI futures contract was down 17 points, at 5761.

The main Wall Street stock indexes were down by about 0.6 per cent on Friday, after a key consumer confidence measure came in lower and the government confirmed that the economy contracted in the first quarter.

Locally on Monday, the Australian Bureau of Statistics releases building approvals figures for April and business indicators for the March quarter.

The RP Data Core Logic Home Value Index, the Australian Industry Group performance of manufacturing index and the TD Securities-Melbourne Institute inflation gauge are also due out.

In equities news, UGL releases a market update.

Key numbers:

– SPI futures down 17pts to 5761

– AUD at 76.44 US cents, 94.86 Japanese yen, 698.60 Euro cents and 49.98 British pence

– On Wall St, S&P 500 -0.6%, Dow -0.6%, Nasdaq -0.6%

– In Europe, Stoxx 50 -2.2%, FTSE -0.8%, CAC -2.5%, DAX -2.3%

– Brent crude surges $US2.87 or 4.6% to $US65.45 a barrel

– Iron ore slips 0.8% to $US61.85 per tonne

– Spot gold up $US2.18, or 0.2% to $US1190.58 an ounce

What’s on today:

Australia performance of manufacturing, monthly home prices, monthly inflation gauge, March quarter business indicators, building approvals for April; China official PMI; US ISM manufacturing index, construction spending.

Major events later this week:

Reserve Bank of Australia board meeting on cash rate on Tuesday, OPEC ministers meet on Friday in Vienna and the US government releases its May jobs report late on Friday.

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