On Monday the S&P/ASX 200 index started the week on a very disappointing note. The benchmark index finished the day 1.3% lower at 6,440.1 points due to trade war concerns.
Will the local share market be able to bounce back on Tuesday? Here are five things to watch:
ASX 200 poised to push higher.
It should be a better day of trade for the Australian share market on Tuesday. According to the latest SPI futures, the ASX 200 index is poised to open the day 16 points or 0.25% higher this morning. This follows a positive night of trade on Wall Street which saw the Dow Jones rise 1.05%, the S&P 500 index climb 1.1%, and the Nasdaq push 1.3% higher.
Oil prices slide.
Oil prices came under pressure again on Monday after President Trump revealed that he would consider meeting with Iranian officials, sparking oversupply concerns in oil markets. This could put further pressure on the shares of Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH). According to Bloomberg, the WTI crude oil price fell 0.7% to US$53.80 a barrel and the Brent crude oil price dropped 0.9% to US$58.82 a barrel.
Gold price higher.
Gold producers such as Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) were amongst the best performers on the market on Monday after a strong rise in the gold price due to trade war concerns. Their shares will be on watch this morning after the precious metal pulled back from its six-year high. According to CNBC, the spot gold price is up 0.05% to US$1,538.3 an ounce over the last 24 hours, but down over 1% from its intraday high.
The Wesfarmers Ltd (ASX: WES) share price will be one to watch this morning when the conglomerate releases its full year results. According to CommSec, the market is looking for a net profit after tax of $2.045 billion and a final 55 cents per share dividend.
Nanosonics on watch.
It looks set to be a big day of trade for the Nanosonics Ltd (ASX: NAN) share price. This morning the high-flying infection control specialist is due to release its full year results and expectations are high after a stellar first half result. However, one broker that thinks Nanosonics could disappoint is Morgans. It suspects that its EBITDA could be lower than some investors are expecting due to higher second half costs.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Nanosonics Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.