The Australian share market is set to continue its recovery from last week's heavy losses, while market analysts warn of a market correction if 'stretched valuations' do not significantly improve.
Wall Street was closed for the Labor Day long weekend.
Local investors may take their cues from European markets, as they rebounded from last week's heavy losses — triggered bySome investors are worried any rally could be short-lived on concerns the market is overvalued, particularly against the backdrop of a global economic recession. "This market rally may likely pause given stretched valuations," said Stephane Ekolo, an equity strategist at TFS Derivatives in London.
"If earnings do not improve materially, investors might well need to buckle up and expect a correction."But the local currency jumped to 55.26 British pence, on the rising prospect of a no-deal Brexit. This was due to reports that British Prime Minister Boris Johnson is preparing to walk away from talks with the European UnionIn economic news, NAB will release its latest business survey, which is expected to record a sharp fall in confidence.Spot gold has slipped to $US1,928.82 an ounce, while Brent crude oil dropped to $US42.05 a barrel.
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