On Monday the S&P/ASX 200 index started the week on a positive note. The benchmark index climbed 0.35% higher to 6,730 points.
Will the local share market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to edge lower.
The S&P/ASX 200 index looks set to slide lower on Tuesday. According to the latest SPI futures, the ASX 200 is poised to edge 4 points lower at the open. This follows a soft start to the week on Wall Street, which in late trade sees the Dow Jones down 0.3%, the S&P 500 trading 0.2% lower, and the Nasdaq down 0.2%.
Oil prices slide.
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could drop lower today after oil prices pulled back. According to Bloomberg, the WTI crude oil price fell 0.4% to US$58.96 a barrel and the Brent crude oil price dropped 0.4% to US$64.14 a barrel. Oil prices came under pressure following the release of weak Chinese economic data.
Gold price lower.
Gold miners including Evolution Mining Ltd (ASX: EVN) and St Barbara Ltd (ASX: SBM) will be on watch today after the spot gold price edged lower. According to CNBC, the spot gold price is down slightly to US$1,464.4 an ounce.
Bank of Queensland AGM.
All eyes will be on the Bank of Queensland Limited (ASX: BOQ) share price on Tuesday when it holds its annual general meeting. The regional bank may provide a trading update at the event. It has recently warned that profits are expected to be lower again in FY 2020.
IOOF ANZ P&I update.
The IOOF Holdings Limited (ASX: IFL) share price could be on the move on Tuesday after moving a step closer to completing the acquisition of the Australia and New Zealand Banking Group (ASX: ANZ) Wealth Pension and Investments business. Late yesterday the company revealed that APRA has given its approval. This was the last approval that was required.
