On Wednesday the S&P/ASX 200 index returned to form and charged higher. The benchmark index climbed 0.7% to 6,752.6 points.
Will the local share market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to fall.
The S&P/ASX 200 index looks set to sink lower on Thursday despite a solid night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to fall 0.45% or 30 points at the open. In late trade on Wall Street the Dow Jones is up 0.1%, the S&P 500 is 0.35% higher, and the Nasdaq is up almost 0.5%. U.S. shares pushed higher after the Federal Reserve suggested that there will be no rate hikes in 2020.
Oil prices tumble.
Australian energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could be on the slide after oil prices tumbled. According to Bloomberg, the WTI crude oil price has fallen 0.8% to US$58.88 a barrel and the Brent crude oil price is down 0.7% to US$63.87 a barrel. The catalyst for this was a surprise build up of U.S. inventories.
Westpac annual general meeting.
Later today Westpac Banking Corp (ASX: WBC) will hold its annual general meeting. The banking giant is largely expected to feel the backlash of angry shareholders when it comes to voting. Westpac director Peter Marriott has been tipped as one that could face the chop. Shareholders are also likely to give its remuneration report a second strike. This will trigger an automatic vote on whether the entire board should be spilled.
Gold price surges higher.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the spot gold price surged higher. According to CNBC, the spot gold price is up 0.9% to US$1,481.3 an ounce. This follows news that the U.S. Federal Reserve is unlikely to increase interest rates in 2020.
NAB dividends.
Shareholders of National Australia Bank Ltd (ASX: NAB) can look forward to receiving a pay check later today. The banking giant will be paying eligible shareholders its 83 cents per share fully franked final dividend today. Australian Pharmaceutical Industries Ltd (ASX: API) and ResMed Inc. (ASX: RMD) are also due to pay their latest dividends today.
