Market set for uncertain months over Trump

The upcoming week on the Australian share market will be a taste of uncertainty that could linger for months as investors try to pin down incoming US president Donald Trump's policies, says AMP Capital's chief economist.

The shock US election result dominated the market moves last week, despite following the US markets down initially, both the US and Australian markets ended the week higher, with the S&P/ASX 200 up 41.9 points at 5,370.7 on Friday.

But that movement is expected to pull back slightly on Monday, Dr Oliver said.

"We'll probably come off a little bit, maybe 15 points, giving up a little bit of the gains we have seen in the last week," he said.

US politics would remain a strong focus throughout the week as markets continue to evaluate what his presidency will mean, the good and the bad, Dr Oliver said.

"Initially markets sort of fretted about his protectionist policies and the impact on free trade," he said.

"There is a lot of things in there which, despite Donald Trump's rhetoric, Wall Street actually likes."

But locally, a week of annual general meetings and a slew of economic data releases, both domestically and from China, will also be a focus.

Resources giant BHP Billiton is due to hold its meeting in Brisbane on Thursday and is expected to give a positive outlook, after a steady rise in iron ore and coal prices.

"The huge gains in iron ore and coal prices are going to be a bit of a bonanza for BHP profits if they're sustained and I suspect their comments on Thursday will probably reflect that," Dr Oliver said.

The latest figures on wages growth are expected to hold steady at 2.1 per cent annually, while unemployment rate is set to rise despite solid jobs growth after a jump in participation, he said.

Elsewhere, the Reserve Bank of Australia's (RBA) minutes and a speech from governor Philip Lowe are expected to show the RBA is happy to leave interest rates where they are, Dr Oliver said.