On Tuesday the benchmark S&P/ASX 200 index gave back the majority of its morning gains but still finished the day 0.2% higher at 6,295.7 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market looks set to sink lower on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 49 points or 0.7% lower following a particularly bad night of trade on Wall Street. The Dow Jones fell 1.8%, the S&P 500 dropped 1.65%, and the Nasdaq tumbled 2% lower.
Trade war fears return.
Global share markets were sold off overnight after trade war fears returned. According to CNBC, shares fell sharply after a top U.S. trade official suggested that higher tariffs on Chinese goods are coming as soon as this week.
Platinum update.
The Platinum Asset Management Ltd (ASX: PTM) share price will be on watch this morning following the release of its latest funds under management update after the market close. In April Platinum experienced net outflows of approximately $116 million. This included net outflows from the Platinum Trust Funds of approximately $105 million.
Oil prices drop lower.
The Beach Energy Ltd (ASX: BPT) share price and the Santos Ltd (ASX: STO) share price could come under pressure this morning after oil prices dropped lower overnight. According to Bloomberg, the WTI crude oil price fell 1.65% to US$61.22 a barrel and the Brent crude oil price fell 2.3% to US$69.58 a barrel.
Gold price higher.
Gold miners including Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) are likely to be on the rise today after the market selloff led to increased demand for safe haven assets and a rise in the gold price. According to CNBC, the spot gold price is up 0.15% to US$1,285.60 an ounce.
