The Australian sharemarket is set for a tepid start to the week while mortgage holders are unlikely to get a helping hand on Tuesday, with resurgent inflation expected to discourage the Reserve Bank lowering interest rates for the foreseeable future.

Futures are pointing to a dip of 5 points, or 0.1 per cent at the open. Westpac results will be released on Monday morning. The Australian dollar is trading at US65.50¢ at 5.20am AEDT.

Wall Street investors meanwhile seem worried the Federal Reserve is also becoming more cautious about cutting US rates.

The main New York indices closed higher on Friday, thanks largely to Amazon’s upbeat earnings forecast, but sentiment was dampened.

The Dow Jones Industrial Average rose 40.75 points, or 0.09 per cent, to 47,562.87, the S&P 500 gained 17.86

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