5 things to watch on the ASX on Friday

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was on form on Thursday and pushed 0.5% higher to finish the day at 6,215.5 points.

Will the local market be able to finish the week on a high on Friday? Here are five things to look out for:

ASX futures pointing higher.

The Australian share market is expected to open the day higher on Friday. According to the latest SPI futures, the market is poised to open 0.45% or 28 points higher after U.S. markets returned from the July 4 holiday with a bang. The Dow Jones Industrial Average was up 0.8%, the S&P 500 rose 0.9%, and the NASDAQ pushed 1.1% higher.

FOMC minutes released.

Overnight the Federal Reserve released the minutes from its June meeting. According to CNBC, some members were concerned that “a prolonged period in which the economy operated beyond potential could give rise to heightened inflationary pressures or to financial imbalances that could lead eventually to a significant economic downturn.” As a result, the majority of Fed officials believe the central bank should continue to raise interest rates on a regular basis.

Crude oil prices fall.

Energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could come under pressure today after oil prices fell overnight following a surprise rise in U.S. inventories. According to Bloomberg, U.S. crude inventories rose by 1.2 million barrels in the week ending June 29, compared to analysts’ expectations for a 3.5-million-barrel decrease. WTI crude oil is down 1.6% to US$72.96 a barrel and Brent crude oil has fallen 1% to US$77.48 a barrel.

Trade tariffs triggered today.

President Trump will slap tariffs on Chinese goods on Friday. According to a White House statement, at 00.01am Washington time (14:01 AEST), President Trump will place US$34 billion worth of tariffs on Chinese goods. This will be the first shot fired in a potential trade war between the world’s two largest economies.

Capilano Honey products dumped by Coles.

The Capilano Honey Ltd (ASX: CZZ) share price will be on watch on Friday after the company confirmed that Wesfarmers Ltd’s (ASX: WES) Coles supermarkets would no longer stock its controversial Allowrie product. According to the SMH, the supermarket giant has dumped the product because it contains honey sourced from China and Argentina, whereas Coles wants to support local beekeepers. Capilano Honey aims to replace the product with one made from 100% Australian honey.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. The Motley Fool Australia owns shares of Capilano Honey Limited. 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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