The ASX 200 will likely open marginally lower in spite of positive leads from overnight trading. Europe was relatively quiet overnight with both the UK and Wall Street closed for public holidays. Most commodities were higher and so too bond yields, while the Aussie dollar was lower. On the domestic economic front, consumer confidence figures will be published. It is all quiet on the local company front. We believe the ASX 200 will close modestly lower, with investors happy to sit on the sidelines awaiting fresh macroeconomic clues.