Gillian Bowen

I'm Gillian Bowen.

And I'm James Gruber.

Well, it's a big few days ahead.

Markets here will be eyeing details of key policy announcements in the federal budget when all is revealed at 7.30pm Australian Eastern Standard Time tomorrow night by Treasurer Jim Chalmers.

There's been a lot of speculation and leaks about potential cost of living relief, changes to capital gains tax concessions, negative gearing and an overhaul of the NDIS scheme.

War developments will also be front of mind following a flare up in tensions between the U.S.

and Iran last week.

And on that, Iranian state media reported on Sunday that Iran has now sent its response to the U.S.

proposal for peace talks to end the war.

The Australian share market slumped 1.5% on Friday, its biggest fall in seven weeks, and the ASX 200 looks set to extend its losses when it opens later this morning.

When ASX futures were last trading, they were down 0.5% or 42 points.

What a surge.

The closure of the Strait of Hormuz, the key contributor there.

So how did oil and other commodities go during Friday's session?

So looking at currencies, they were higher against the US dollar.

One Australian dollar is buying 72.39 US cents.

The euro is worth 1.1788 US dollars, while one US dollar is buying 156.64 Japanese yen.

Okay, it's time to go a little deeper into the results of Friday's session on overseas markets.

The Dow Jones Index finished flat.

The S&P 500 Index was 0.8% higher and the NASDAQ Index was up 1.7%.