The Australian market was flat in early trade with domestic and Chinese economic data out later this week expected to give investors on how to trade.
Monday marks the start of the first full week of trading in 2014 but volumes are light in the absence of news with January traditionally the lowest trading month of the year.
IG market strategist Evan Lucas said investors would closely watch China’s trade balance, inflation and gross domestic product data over the next week as well as US jobs and Australian figures on the trade balance, building approvals and retail sales.
“A lot of people particularly in the resources space are watching what happens with China and resources stocks may drift around until you get clear moves,” he told AAP.
Among the big miners, BHP Billiton was down 7.0 cents to $37.70, Rio Tinto shed 30 cents to $68.06 and Fortescue Metals was 3.5 cents higher at $5.855.
The gold miners were performing better, with the price of gold rising over the weekend to above nearly $US1,239 an ounce,
Australia’s largest gold producer Newcrest was up three cents at $8.70.
The big four banks were mixed, with Westpac eight cents off at at $32.26, ANZ flat at $32.21, Commonwealth Bank adding one cent to $77.59 and National Australia Bank 2.5 cents lower at $34.665.
KEY FACTS
* At 1040 AEDT on Monday, the benchmark S&P/ASX200 index had dropped 2.0 points, or 0.04 per cent, to 5,348.1.
* The broader All Ordinaries index had shed 1.3 points, or 0.02 per cent, at 5,350.5.
* The March share price index futures contract was three points higher at 5,314, with 7,409 contracts traded.
* National turnover was 301.6 million securities worth $316 million.
