The Australian sharemarket was just higher mid-session on cautious trading following mixed leads from Wall Street.
At 9.30am, the benchmark S&P/ASX200 index was up 5.1 points, or 0.11 per cent, at 4714.6 and the broader All Ordinaries index had added 6.5 points, or 0.14 per cent, to 4740.3.
On the ASX 24, the March share price index futures contract was up 3.0 points at 4684 with 11,554 contracts traded.
A growth in the US trade deficit to $US48.7 billion ($A46.40 billion) revealed on Friday - while not great for the US debt situation - does suggest consumers are spending and global growth is rebounding.
However LONSEC analyst Michael Heffernan said that is countered by data showing a sluggish Australian economy, with housing finance numbers for November showing home loans approvals fell 0.5 per cent to 46,199.
"As I can see it confirms the other material we've been getting: retail sales and building approvals figures came out that were pretty flat," he told AAP.
"Overall the situation is pretty slack economically which means there is a good chance of interest rates cuts coming up.
"This week there will be a whole host of economic data coming out here and in the US, which are going to be very important triggers for how the market is going, there is certainly momentum with us at the moment."
Locally, shares in steelmaker BlueScope had fallen one cent, or 0.27 per cent, to $3.69, after it announced it would cut a further 170 jobs in Victoria as it reduces production to cut costs.
The mining giants were weaker with BHP Billiton down 20.5 cents to $36.475, Rio Tinto 74.5 cents down to $65.055 after it had opened positively and Fortescue down six cents to $4.67.
The four major banks were mixed.ANZ had lost 8.5 cents to $25.165, Westpac shed 21 cents to $26.37, National Australia Bank jumped 8.5 cents to $25.655 and Commonwealth Bank was up 31 cents to $61.69.
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