Shares to rise on open dollar flat

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THE Australian share market is set to open higher following stock market gains in the US and Europe last week on the back of upbeat earnings data. At 0700 AEDT on Monday, the local SPI 200 futures contract was up 18 points at 5,707 points.

The positive earnings results from US banks and their upbeat outlook for the coming year on Friday (US time) offset investors concerns about the biggest fall in Chinese exports since 2009.

On Friday, the Australian share market was weaker as investors took profits in the wake of the lack of detail about US President-elect Donald Trumps plans to stimulate the US economy.

The benchmark S&P/ASX200 was down 45.8 points, or 0.79 per cent, at 5,721.1 points, while the broader All Ordinaries index was down 44.8 points, or 0.77 per cent, at 5,776.8 points Meanwhile, the Australian dollar is nearly flat after little economic or political risk events over the weekend.

The local currency was trading at 74.87 US cents at 0700 AEDT on Monday, up a touch from 74.82 US cents on Friday.


One Australian dollar buys:

* 78.87 US cents, up from 74.82 US cents on Friday

* 85.62 Japanese yen, from 86.02 yen

* 70.51 euro cents, from 70.47 euro cents

* 62.34 British pence, from 61.54 pence

* 105.29 New Zealand cents, from 105.30 NZ cents

(*Currency closes taken at 1700 AEDT previous local session)