Investing.com - The Australian stock market is poised to retest record valuations on Monday, inspired by the recent milestone achieved by Wall Street's Dow Jones Industrial Average, which surpassed the 40,000 points mark last week.
ASX 200 Futures traded flat after the index lifted 0.8% last week, touching intraday highs of 7910.5 following an unexpected rise in the unemployment rate to 4.1%. This has bolstered bets that the Reserve Bank may reduce interest rates earlier than previously expected.
Currently, the benchmark is a mere 82 points or 1% shy of its all-time closing high of 7896.4 points, reached on March 28. This follows a week where all three major US indices set new records, and indices in Japan, Europe, and Canada approached their own historic highs. The S&P 500 slightly rose by 0.1%, while the NASDAQ Composite dipped by 0.1% in Friday's closing session.
In other market news, the People's Bank of China is set to announce its latest loan prime rates decision. The central bank is anticipated to maintain its 1- and 5-year rates at 3.45% and 3.95% respectively.
Oil prices are also expected to draw attention as rescue operations continue in Iran following a helicopter crash involving Iranian president Ebrahim Raisi late on Sunday.
Australian nickel miners are likely to be in the spotlight, with the price of the metal spiking by 7% over the weekend due to riots in New Caledonia, a significant global supplier.
In corporate news, Elders Ltd (ASX:ELD) and Xero Ltd (ASX:XRO) are set to release their earnings results. In addition, Florida-based entertainment behemoth, Hard Rock Hotels and Casinos, is reportedly considering a proposal to take over Star Entertainment Group Ltd (ASX:SGR). This move could inject much-needed capital into the gaming group, which has been facing financial challenges.
On the bond markets, Australia 10-Year rates were at 4.294% while 2-year rates were at 4.827%.