On Wednesday the S&P/ASX 200 index came under pressure and tumbled lower due to a combination of trade war and impeachment concerns. The index finished the day 0.6% lower at 6,710.2 points.
Will the local share market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to rise.
The Australian share market looks set to rebound slightly on Thursday after a positive night of trade in the United States. According to the latest SPI futures, the ASX 200 index is expected to open the day 12 points or 0.2% higher this morning. On Wall Street the Dow Jones rose 0.6%, the S&P 500 climbed 0.6%, and the Nasdaq index pushed 1.05% higher.
Tech shares could rebound.
A number of tech shares such as Altium Limited (ASX: ALU) and Nearmap Ltd (ASX: NEA) dropped lower yesterday but look set to rebound today after their U.S. counterparts were strong performers on Wall Street. The technology-focused Nasdaq index surged 1.05% higher after President Trump said a trade deal could come soon.
Oil prices slide again.
Energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could continue to edge lower after oil prices continued their slide. According to Bloomberg, the WTI crude oil price dropped 14% to US$56.50 a barrel and the Brent crude oil price fell 1.15% to US$62.38 a barrel after a surprise build-up of U.S. crude.
Gold price tumbles.
Gold miners including Northern Star Resources Ltd (ASX: NST) and Saracen Mineral Holdings Limited (ASX: SAR) could come under pressure today after the gold price dropped notably lower. According to CNBC, the spot gold price dropped 1.9% to US$1,511.0 an ounce.
Dividends being paid.
A number of Australia’s biggest companies are due to pay their dividends later today. This includes banking giant Commonwealth Bank of Australia (ASX: CBA), energy producer Santos, and telco company Telstra Corporation Ltd (ASX: TLS).
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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 Altium and Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia has recommended Nearmap Ltd. 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.