On Tuesday the S&P/ASX 200 index continued its slide after trade war concerns escalated. The benchmark index ended the day down a disappointing 2.45% to 6,478.1 points.
Will the local market be able to bounce back on Wednesday? Here are five things to watch:
ASX 200 expected to rebound.
The S&P/ASX 200 index is expected to rebound on Wednesday after trade war concerns eased slightly, leading to Wall Street pushing notably higher. According to the latest SPI futures, the ASX 200 index is poised to open the day 48 points or 0.8% higher this morning. On Wall Street the Dow Jones rose 1.2%, the S&P 500 index climbed 1.3% and the Nasdaq raced 1.4% higher.
CBA full year results.
This morning Commonwealth Bank of Australia (ASX: CBA) will announce its full year results. According to a note out of Goldman Sachs, it expects the bank to deliver FY 2019 cash earnings from continued operations (pre-one offs) of $8,566 million. This will be a decline of 3.9% on the prior corresponding period. On a per share basis, the broker expects the bank to report cash earnings of $4.67. It also suggested that a special dividend could be announced following asset divestments.
Gold price rises.
Northern Star Resources Ltd (ASX: NST) and Resolute Mining Limited (ASX: RSG) shares will be on watch again on Wednesday after the gold price pushed higher again. According to CNBC, the spot gold price is up 0.65% to US$1,486 an ounce.
Oil prices slide.
Australian energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could come under pressure on Wednesday after oil prices dropped lower overnight. According to Bloomberg, the WTI crude oil price has fallen 1.8% to US$53.72 a barrel and the Brent crude oil price has dropped 1.5% to US$58.88 a barrel.
More results.
It isn't just CBA releasing its full year results on Wednesday. Also releasing their latest results are insurance and banking giant Suncorp Group Ltd (ASX: SUN) and toll road operator Transurban Group (ASX: TCL). Details are what the market is expecting from these two can be found here.
