Aust shares expected to open higher

THE Australian share market is expected to open in positive territory on Tuesday in the absence of any significant data in the US.

AMP Capital Investments chief economist Shane Oliver said strength on US markets on Friday would most likely provide a lead for local shares despite signs of continued weakness in China.

"The best guess is we'll probably see the market up as it catches up to the gains on Wall Street on Friday but against a long weekend there's more uncertainty than normal," Mr Oliver said.

Australian markets are shut for Queen's birthday on Monday.

Local futures are up 18 points after the Dow and the S&P 500 again powered to record highs on Friday.

It followed the release of a US Labor Department employment report showing solid jobs growth for May.

The Dow Jones Industrial Average jumped 88.17 points (0.52 per cent) to 16,924.28 on Friday, notching its second record high in a row.

The S&P 500 gained 8.98 (0.46 per cent) at 1,949.44, its third straight record close.

Still, Mr Oliver predicts the local market will continue to be affected by uncertainty in China.

"That's acting as a bit of a counter weight," he said.

Mr Oliver said the copper price had fallen on Friday night amid worries about financing in some ports in China.

Meanwhile, Europe's main stock markets advanced on Friday, as traders welcomed data that showed the US economy has recovered to a pre-crisis jobs level.

But data released over the weekend showed China's trade surplus surged in May as exports rose and imports showed a surprise fall.

Exports increased seven per cent to $US195.47 billion ($A211.49 billion) year-on-year, the General Administration of Customs announced on Sunday, while imports declined 1.6 per cent to $US159.55 billion, resulting in a surplus of $US35.92 billion - a 74.9 per cent jump from the year before.

On Friday the Australian share market closed 0.5 per cent higher in the wake of the European Central Bank's economic stimulus measures.

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