On Tuesday the S&P/ASX 200 index was out of form and tumbled lower. The benchmark index fell 0.3% to 6,753 points.
Will the local share market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to edge higher.
The S&P/ASX 200 index looks set for a better day of trade. According to the latest SPI futures, the ASX 200 is expected to open 21 points or 0.3% higher this morning. This is despite another mixed night of trade on Wall Street. That saw the Dow Jones fall 0.15% and the S&P 500 and the Nasdaq trade mostly flat.
Oil prices slide.
Trade deal doubts weighed on oil prices overnight and could put pressure on energy shares such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL). According to Bloomberg, the WTI crude oil price fell 0.3% to US$56.70 a barrel and the Brent crude oil price dropped 0.3% to US$61.98 a barrel.
Gold price rises.
Those same trade deal doubts helped lift the gold price on Tuesday night. This could be better news for the likes of Newcrest Mining Limited (ASX: NCM) and Saracen Mineral Holdings Limited (ASX: SAR) after a period of weakness. According to CNBC, the spot gold price pushed 0.2% higher to US$1,460.1 an ounce.
CBA rated as a sell.
Analysts at Goldman Sachs still feel the Commonwealth Bank of Australia (ASX: CBA) share price is overvalued following its first quarter update. The broker has retained its sell rating but lifted the price target on its shares to $76.10.
Annual general meetings.
Another group of shares are holding their annual general meetings on Wednesday and could provide trading updates. These include waste management company Bingo Industries Ltd (ASX: BIN), appliance maker Breville Group Ltd (ASX: BRG), supermarket operator Coles Group Ltd (ASX: COL), and administration services provider Computershare Limited (ASX: CPU).
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