On Tuesday the S&P/ASX 200 index snapped its winning streak and tumbled lower. The benchmark index fell 0.35% to 6,706.9 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 is expected to edge higher on Wednesday morning. According to the latest SPI futures, the ASX 200 is poised to rise 4 points at the open. This follows a subdued night of trade on Wall Street. In late trade the Dow Jones is up slightly, the S&P 500 is trading flat, and the Nasdaq is up 0.1%.
Oil prices rise.
It could be a positive day of trade for energy producers such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL). According to Bloomberg, the WTI crude oil price is up 0.5% to US$59.30 a barrel and the Brent crude oil price climbed 0.2% to US$64.39 a barrel. Oil prices rose despite demand concerns due to the US-China trade war.
Gold price higher.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could be on the rise today after the spot gold price pushed higher. According to CNBC, the spot gold price climbed 0.3% to US$1,469.6 an ounce. The precious metal rose after trade war uncertainty weighed on investor sentiment.
Westpac completes share purchase plan.
The Westpac Banking Corp (ASX: WBC) share price will be on watch today after it successfully raised approximately $770 million from shareholders at a price of $24.20. This is just one cent less than the last close price. The banking giant advised that there were $68 million worth of withdrawals following the AUSTRAC scandal.
Bellamy's exits the ASX
Bellamy's Australia Ltd (ASX: BAL) shares were suspended at the end of trade on Tuesday and will now be removed from quotation. This follows regulatory and shareholder approval for its takeover by China Mengniu Dairy Company. Investors may now be considering a switch to the latest infant formula to list on the Australian share market, Nuchev Limited (ASX: NUC).
