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5 things to watch on the ASX on Friday

On Thursday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) snapped its losing streak with the smallest of gains. The benchmark index finished the day 4.6 points higher at 6,037.1 points.

Will the Australian share market be able to build on this and finish on a high on Friday? Here are five things that could shape the day’s trade:

ASX futures are pointing lower.

According to the latest SPI futures, the Australian share market is expected to open the day lower by 27 points or 0.45%. This follows declines on Wall Street overnight after President Trump pulled the plug on his meeting with North Korea’s Kim Jong Un. The Dow Jones Industrial Average was down 0.3%, the S&P 500 was off 0.2%, and the NASDAQ was down slightly.

Trump cancels the North Korea meeting.

While the cancellation of President Trump’s meeting with North Korea sent U.S. markets lower, it has given the gold price a lift. The spot gold price is up 0.9% to US$1,304.5 an ounce, which could mean the likes of Northern Star Resources Ltd (ASX: NST) and Resolute Mining Limited (ASX: RSG) have a positive day of trade.

Results are due to be released.

Yesterday it was Aristocrat Leisure Limited (ASX: ALL) reporting its results, today it is the turn of Mesoblast limited (ASX: MSB) and Thorn Group Ltd (ASX: TGA) to release their respective results. Mesoblast’s shares fell heavily yesterday ahead of the release, which could be an indication that some shareholders are concerned that it could fall short of expectations.

Oil prices give back gains.

The shares of many of Australia’s leading energy producers such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could come under pressure today after oil prices fell. WTI crude oil has fallen 1.6% to US$70.67 a barrel and Brent crude oil is down 1.3% to US$78.77 a barrel.

The Royal Commission continues.

Banking giant Commonwealth Bank of Australia (ASX: CBA) took to the stand at the Royal Commission on Thursday. The bank’s shares tumbled to a 52-week low after an executive admitted the bank put off writing to overcharged small business customers so he could avoid being grilled at a parliamentary hearing.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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