The Australian market looks set to open lower after US markets dropped overnight on continued uncertainty over Britain's decision to leave the European Union and tumbling oil prices.

The SPI is trading at 5167, down 19 points.

Wall Street ignored a positive lead from London as US markets reopened following the July 4 public holiday, instead following other global markets into the red and losing some of the gains made in its best weekly performance of the year.

US energy stocks were hit by a big drop in oil prices, hinting at a tough session ahead on the ASX for the likes of Santos and Oil Search.

With the Reserve Bank keeping the cash rate on hold on Tuesday, investors will now be waiting on the US Federal Reserve to release the minutes of its June meeting after Australian markets close on Wednesday.

In local economic events, the ABS releases figures on overseas arrivals and departures for May.

No major equities news is expected.

Key Numbers

• The SPI is trading at 5167, down 19 points
• AUD -1% to 74.57 US cents, 75.78 Japanese yen, 67.35 Euro cents and 57.21 British pence
• On Wall St, Dow -0.8%, S&P 500 -0.9%, Nasdaq -1.2%
• In Europe, Stoxx 50 -1.7%, FTSE +0.4%, CAC -1.7%, DAX -1.8%
• Spot gold +0.3% to $US1355.15 an ounce
• Brent crude -4.3% to $US47.96 a barrel

What’s on today

Local data: ABS overseas arrivals and departures.

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