"AMP Capital chief economist Shane Oliver says local earnings results will continue to be the main driver of the Australian sharemarket this week. "The Australian sharemarket is likely to ignore that US lead and that's largely because the market fell on Friday," Mr Oliver said on Sunday. A sharp drop in shares of the world's largest retailer Walmart pulled US stocks lower on Friday, though steep losses were averted by a final-hour rebound. But Mr Oliver said local stocks would take centre stage in Australia this week as around 90 major companies issued their profit reports. "Our market will take its lead from earnings reports," he said. "So far so good for earnings results." Mr Oliver expects major Australian companies to continue to deliver positive surprises.
