On Tuesday the S&P/ASX 200 index fell for a second consecutive day. The benchmark index dropped 0.1% to 6,665.7 points.
Will the market be able to bounce back on Wednesday? Here are five things to watch:
ASX expected to push higher.
It looks set to be a positive day of trade for the Australian share market. According to the latest SPI futures, the ASX 200 index is poised to open the day 33 points or 0.5% higher this morning. This follows a mixed night of trade on Wall Street which saw the Dow Jones fall 0.1%, the S&P 500 rise 0.1%, and the Nasdaq push 0.5% higher.
Oil prices rise.
Australian energy producers Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could push higher today after a positive night of trade for oil prices. According to Bloomberg, the WTI crude oil price climbed 0.8% to US$58.40 a barrel and the Brent crude oil price stormed 1.3% higher to US$64.63 a barrel.
Tech shares on watch.
Tech shares such as Afterpay Touch Group Ltd (ASX: APT) and Appen Ltd (ASX: APX) dropped notably lower on Tuesday but could rebound today after positive gains were made by the technology-focused Nasdaq index. This appears to have been driven by news that the U.S. and China held trade talks overnight.
Gold price flat.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) will be on watch after the gold price traded flat. According to CNBC, the spot gold price is flat at US$1,399.40 an ounce. Investors don't appear to want to commit either way ahead of a testimony by U.S. Fed Chair Jerome Powell on Wednesday.
Platinum update.
The Platinum Asset Management Ltd (ASX: PTM) share price will be one to watch on Wednesday after the asset manager released its latest funds under management (FUM) update. During the month of June Platinum experienced net outflows of approximately $228 million, excluding cash distributions. However, its pre-annual distribution FUM rose 2.8% to $25.6 billion thanks to a solid month of returns for its funds.
