The ASX 200 will likely open moderately higher following mostly positive leads from overnight trading. Both Europe and Wall Street were higher on the back of stronger than expected Chinese economic data. Bond yields were higher, while most commodities were lower. The Aussie dollar was lower against its US counterpart. On the domestic economic front, the Reserve Bank Board will hand down its interest rate decision this afternoon and the 2019-2020 budget will be delivered this evening. In local company news, Adelaide Brighton trades ex-dividend. While our market is likely to get off to a good start, we believe profit taking at current levels will cap gains, with the ASX 200 to close only modestly higher.