Australian shares in subdued mood with all eyes on local election

The Australian Share Market is in a subdued mood this morning with no doubt the uncertainty of the local political election leaving investors on the side lines to begin the week. Given a number of other contributing events such as the RBA interest rate meeting, a closed Wall Street session tonight due to Independence day holiday and U.S employment data out on Friday we could see a risk off week after markets rallied back 2.4% high following the market’s reaction to Brexit. Market Turnover heading into lunch was $924 million with a much quieter start to the week after last week we saw some huge turnover days on the market with Institutional investor’s quite active heading into the end of financial year, however I expect trend to fall. Given the U.S holiday tonight I expect a quiet afternoon of trade with no reason to open new positions amongst all the current uncertainty and speculation, so expect a flat finish to the session.