On Wednesday the S&P/ASX 200 Index fought back from an early decline to finish the day a fraction higher at 6,223.5 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market looks set to drop lower on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 0.2% or 19 points lower this morning. This is despite Wall Street pushing higher overnight on the back of positive trade talks. The Dow Jones closed a fraction higher, the S&P 500 rose 0.35%, and the Nasdaq pushed 0.7% higher.
Tech shares will be on watch.
Although SPI futures are pointing lower, Afterpay Touch Group Ltd (ASX: APT), Appen Ltd (ASX: APX), and other Australian tech shares could still push higher today after their U.S. tech peers posted solid gains overnight. Almost all FAANG stocks traded higher on Wednesday night.
Oil prices higher.
Australian energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be heading higher today after oil prices rose again overnight. According to Bloomberg, the WTI crude oil price is up 0.7% to US$64.44 a barrel and the Brent crude oil price has pushed 1.4% to US$71.60 a barrel. News that OPEC's production hit a four-year low appears to have been the catalyst for this.
Bank of Queensland result.
The Bank of Queensland Limited (ASX: BOQ) share price will be on watch on Thursday when the regional bank releases its half year results. This result may give investors an idea of how the big four banks have been performing since their last updates. A note out of Goldman Sachs reveals that its analysts expect first half cash earnings to be down 8% to $168 million and for the bank to declare an interim dividend of 34 cents per share.
Gold price climbs higher.
Northern Star Resources Ltd (ASX: NST) and Resolute Mining Limited (ASX: RSG) shares could be on the rise today after the gold price climbed higher again. According to CNBC, the spot gold price hit a two-week high following dovish comments out of the European Central Bank. At present the spot gold price is trading 0.3% higher at US$1,312.40 an ounce.
