On Monday the S&P/ASX 200 index started the week in sensational form. Thanks to strong gains in the banking sector the index rose 1.7% to 6,476.1 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX futures pointing sharply lower.
The Australian share market looks set to give back a good portion of yesterday's gains this morning. According to the latest SPI futures, the ASX 200 is expected to open the day 41 points or 0.6% lower. This follows a disappointing start to the week on Wall Street which saw the Dow Jones drop 0.3%, the S&P 500 fall 0.7%, and the Nasdaq index tumble 1.5%.
Oil prices mixed.
Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) shares will be on watch after a mixed night of trade for oil prices. According to Bloomberg, the WTI crude oil price jumped 0.7% to US$63.16 a barrel but the Brent crude oil price dropped 0.2% to US$72.08 a barrel.
Gold price higher.
Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) shares could be on the rise on Tuesday after a selloff on Wall Street led to increased demand for safe haven assets from investors. According to CNBC, the spot gold price has risen 0.15% to US$1,277.50 an ounce.
Xero founder sells shares.
The Xero Limited (ASX: XRO) share price will be on watch this morning after reports claimed that the business and accounting software provider's founder and non-executive director, Rod Drury, is looking to sell a large number of shares. According to the report, Mr Drury is looking to offload 2 million shares via a bookbuild with a $58.00 per share floor price.
James Hardie results.
The James Hardie Industries plc (ASX: JHX) share price could be on the move on Tuesday when it releases its full year results. According to a note out of Goldman Sachs, its analysts have forecast FY 2019 NPAT (pre one-offs) of US$300 million. This compares to its guidance range of US$295 million to US$315 million.
