On Tuesday the S&P/ASX 200 index returned to form with a solid gain. The benchmark index finished the day 0.5% higher at 6,724.6 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX expected to climb again.
It looks set to be another positive day of trade for the Australian share market after Wall Street raced higher again. According to the latest SPI futures, the ASX 200 index is poised to open the day 39 points or 0.6% higher this morning. On Wall Street the Dow Jones rose 0.65%, the S&P 500 climbed 0.7%, and the Nasdaq jumped 0.6% higher .
Oil prices push higher.
Australian energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could charge higher today after oil prices rose strongly overnight. According to Bloomberg, the WTI crude oil price climbed 1.2% to US$56.89 a barrel and the Brent crude oil price pushed 1.1% higher to US$63.95 a barrel.
Tech shares on watch.
Australian tech shares including Appen Ltd (ASX: APX) and Xero Limited (ASX: XRO) could be on the rise on Wednesday after their U.S. peers charged higher overnight. Australia's top tech shares have a tendency to follow the lead of the Nasdaq index, which raced 0.6% higher overnight.
Gold price slides.
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could drop lower today after the gold price pulled back overnight. According to CNBC, the spot gold price tumbled 0.7% to US$1,416.70 an ounce. Traders appear cautious ahead of the upcoming FOMC meeting.
Flight Centre denies mass store closures.
The Flight Centre Travel Group Ltd (ASX: FLT) share price will be on watch this morning after the company refuted claims that it would close around one-tenth of its stores. According to the AFR, Flight Centre has no plans to close stores despite analysts at Citi believing that it could improve profit margins.
