On Monday the S&P/ASX 200 index started the week in a very positive fashion. The benchmark index raced 0.55% higher to 6,642.6 points.
Will the local share market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to tumble.
It looks set to be a disappointing day of trade for the S&P/ASX 200 index following a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to fall 21 points or 0.3% at the open. On Wall Street the Dow Jones fell 0.1%, the S&P 500 dropped 0.1%, and the Nasdaq edged ever so slightly lower amid trade deal doubts.
Oil prices slide.
Beach Energy Ltd (ASX: BPT), Santos Ltd (ASX: STO), and the rest of Australia’s energy producers will be on watch today after oil prices sank lower. According to Bloomberg, the WTI crude oil price fell 2.5% to US$53.33 a barrel and the Brent crude oil price dropped 2.4% to US$59.08 a barrel. Doubts that a US-China trade deal will be made weighed on prices.
Gold price rises.
Those doubts have given the gold price a boost. Which could mean it is a better day of trade for gold miners such as Newcrest Mining Limited (ASX: NCM) and Saracen Mineral Holdings Limited (ASX: SAR). According to CNBC, the spot gold price has risen 0.4% to US$1,495 an ounce.
National Storage given sell rating.
The National Storage REIT (ASX: NSR) share price could come under pressure today after analysts at Goldman Sachs initiated coverage on the storage giant with a sell rating and $1.51 price target. The broker believes the modest economic outlook and lower dwelling transaction volumes will weigh on its organic growth in the near term.
The Telstra Corporation Ltd (ASX: TLS) share price will be on watch on Tuesday when it holds its annual general meeting. Investors will be looking out for a trading update and a progress report in respect to its cost cutting program.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia has recommended National Storage REIT. 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.