MENU

5 things to watch on the ASX on Friday

On Thursday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a solid day of trade and rose almost 0.5% to 6,011.9 points.

Will the local market be able to build on this gain today? Here are five things that could shape today’s trade:

ASX futures are pointing lower.

According to the latest SPI futures, the Australian share market is expected to open the day 0.1% or 7 points lower on Friday. This wouldn’t be a bad result for the local market after heavy declines on Wall Street overnight. The Dow Jones Industrial Average fell 1%, the S&P 500 was off 0.7%, and the Nasdaq finished the day 0.3% lower.

Trade wars spook markets.

European and U.S. markets fell after the Trump Administration announced plans to impose tariffs on steel and aluminium imports from the European Union, Canada, and Mexico. This has sparked fears that it could cause a trade war that stifles global economic growth. This could be a positive for steel producer BlueScope Steel Limited (ASX: BSL).

MYOB shares could be on the rise today.

On Thursday the MYOB Group Ltd (ASX: MYO) share price sank 8% lower after it revealed that it had given up on trying to acquire Reckon Limited (ASX: RKN) and will focus on Plan B for organic growth instead. Goldman Sachs appears to think this is an opportunity for investors and has reiterated its buy rating and $4.05 price target.

Oil prices were mixed.

According to Bloomberg, oil prices were reasonably mixed overnight. The WTI crude oil price fell 1.6% to US$67.09 a barrel and Brent crude oil rose 0.1% to US$77.59 a barrel. With reports revealing that U.S. producers are struggling to keep up with demand, the downside from here may be limited. This could be good news for the likes of BHP Billiton Limited (ASX: BHP) and Woodside Petroleum Limited (ASX: WPL).

House prices data release.

There’s been a lot of talk of falling house prices in Australia recently. This will be put to the test later today when CoreLogic releases its house prices data for the month of May. Falling house prices are expected to weigh on consumer sentiment, which could impact retailers like JB Hi-Fi Limited (ASX: JBH) and Harvey Norman Holdings Limited (ASX: HVN).

Bonus.

Keep a close eye on this next major investment opportunity this year and next.

Japanese Billionaire’s Prediction Will Give You Goosebumps

When a veritable investing and entrepreneurial genius speaks, it pays to listen.

In fact, he's now preparing a $100B "war chest" to invest entirely in this "terrifying" new technology, which could spell huge profits for investors.

Click here to learn about this technology and how you can profit!

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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!