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5 things to watch on the ASX on Wednesday

On Tuesday the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) bounced back and pushed 0.55% higher to 5,869.9 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX futures pointing higher.

According to the latest SPI futures, the local market is expected to open the day 0.55% or 32 points higher on Wednesday. This follows a positive night of trade on Wall Street which saw the Dow Jones rise 2.2%, the S&P 500 climb 2.1%, and the Nasdaq push 2.9% higher.

Tech shares set to climb.

It could be a much-needed positive day of trade for Australian tech shares. The likes of Afterpay Touch Group Ltd (ASX: APT), Appen Ltd (ASX: APX), and WiseTech Global Ltd (ASX: WTC) could rebound higher on Wednesday after their US peers stormed higher overnight.

BHP quarterly update.

The BHP Billiton Limited (ASX: BHP) share price will be on watch on Wednesday when it releases its quarterly update. Investors will be looking for an update on the sale process of its shale assets and management’s plans for the funds.

CSL holds its AGM.

Yesterday Cochlear Limited (ASX: COH) held its annual general meeting and reaffirmed its full year guidance. Today it is the turn of CSL Limited (ASX: CSL) to hold its meeting in Melbourne after lunch. All eyes will be on its accompanying presentation which is expected to be released before the market open.

Oil prices edge higher.

Oil prices have remained positive during overnight trade. According to Bloomberg, the WTI crude oil price has risen 0.1% to US$71.86 a barrel and the Brent crude oil price has stormed 0.7% higher to US$81.34 a barrel. This could mean Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) are poised for a positive day of trade.

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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 AFTERPAY T FPO, Appen Ltd, and WiseTech Global. The Motley Fool Australia has recommended Cochlear Ltd. 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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