On Tuesday the S&P/ASX 200 index gave back its morning gains to finish the day just a fraction higher at 6,653.2 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX to open lower.
The Australian share market is expected to open lower this morning despite U.S. and European markets pushing higher. According to the latest SPI futures, the ASX 200 is poised to open the day 0.1% or 8 points lower. On Wall Street the Dow Jones rose 0.25%, the S&P 500 climbed 0.3%, and the Nasdaq pushed 0.2% higher.
Bank shares on watch.
Australia's big four banks will be on watch this morning after they each responded to the Reserve Bank of Australia's cash rate cut. Australia and New Zealand Banking Group Ltd (ASX: ANZ) has been the only bank to pass the rate on in full, whereas the rest of the banks have only passed on some of cut to customers.
Oil prices crash lower.
Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) shares could come under pressure this morning after oil prices crashed lower due to demand concerns. According to Bloomberg, the WTI crude oil price sank 4.5% to US$56.43 a barrel and the Brent crude oil price dropped 3.6% to US$62.72 a barrel.
Gold price higher.
Northern Star Resources Ltd (ASX: NST) and St Barbara Ltd (ASX: SBM) shares could be on the rise on Wednesday after the gold price rebounded strongly. According to CNBC, the spot gold price rose 2.1% to US$1,418.90 an ounce amid concerns over global growth and trade tensions.
Dividends being paid.
Eligible shareholders of Macquarie Group Ltd (ASX: MQG) and National Australia Bank Ltd (ASX: NAB) can look forward to being paid their latest dividends today. Macquarie is paying its shareholders a partially franked 360 cents per share dividend, whereas NAB is paying a fully franked 83 cents per share dividend to its shareholders.
