Aust stock set to open flat

Local shares tipped for a steady start to trading week ahead of budget release.

The Australian sharemarket looks set to open flat despite a rally in US stocks with the Dow closing its last session at a fresh record high.

At 6.45am (AEST), the June share price index futures contract was flat at 5,445.

The Dow Jones Industrial Average on Friday advanced 32.37 points, or 0.20%, to 16,583.34, 2.5 points above the previous high on April 30.

Locally, in economic news on Monday, the National Australia Bank's monthly business survey for April is due out.

In equities news, Incitec Pivot is expected to post half year results.

In Australia, the market on Friday closed lower, despite receiving a lift from the banks in afternoon trade, with a mixed performance in the United States weighing on investors' minds.

The benchmark S&P/ASX200 index was down 17.7 points, or 0.32%, at 5,459.1 points, while the broader All Ordinaries index was down 16.1 points, or 0.30%t, to 5,439.8 points.

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