Scoreboard: Eyeing MYEFO

The domestic focus will be on the release of the government’s Mid-Year Economic and Fiscal Outlook, while a slump on offshore markets sets a negative lead for the ASX.

The local market is likely to fall 60 points, or around 1.2 per cent, at the open. A number of factors will drive the decline, including the sliding oil price, which will hurt energy stocks. Material stocks look likely to start the week in negative territory following declines in BHP Billiton and Rio Tinto in London trade at the end of last week.

MYEFO will likely add more uncertainty, and lighter volumes should see more volatility this week. The Aussie dollar will also be closely watched.

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