ASX tipped to edge up

THE Australian share market is tipped to correct itself and open higher after faltering at the close in anticipation of a Wall Street dip that never eventuated.

Threats of US imposed tariffs on China spooked the Australian market to close 32 points lower on Friday.

However, Wall Street weathered the uncertainty, which should mean a bump in the local market at the open, according to AMP Capital’s chief economist Shane Oliver.

“We’ll have a bit of a bounce to make up for that,” Dr Oliver told AAP yesterday.

A new free trade deal with Indonesia, struck over the weekend by new Prime Minister Scott Morrison and President Joko Widodo, is good news according to Dr Oliver, but unlikely to influence much on the ASX.