Bruised Australian stocks are set to take another hit at the start of a new trading week, with the local futures market appearing not to have taken any hint from Wall Street's late-week rally.
The SPI200 futures contract was down 51 points, or 0.87 per cent, to 5,803.0 at 0700 AEDT on Monday, pointing to a further retreat at the open for the ASX, hot off the heels of its worst trading week in almost three years.
The US benchmark S&P 500 had snapped a six-day losing streak on Friday with investors looking for bargains ahead of the third quarter earnings reporting season.
The Australian dollar was trading at 71.09 US cents on Monday, down from its highs of last week when it topped 72 cents.
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