On Friday the S&P/ASX 200 index ended the week on a positive note. The benchmark index pushed 0.45% higher to 6,739.7 points.
Will the local share market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to rise.
It looks set to be a very good day of trade for the S&P/ASX 200 index after the U.S. and China agreed on a phase one trade deal. According to the latest SPI futures, the ASX 200 is poised to jump 0.6% or 39 points at the open. On Wall Street the Dow Jones and S&P 500 traded flat, and the Nasdaq index climbed 0.2%.
Trade deal signed.
The Australian share market looks set to storm higher today thanks to news of a phase one trade agreement between the U.S. and China. According to CNBC, China has agreed to billions of dollars of agricultural purchases from the U.S., while President Donald Trump will not pursue a new round of tariffs that were set to start on Sunday. The deal is set to be signed during the first week of January.
Oil prices rise.
Beach Energy Ltd (ASX: BPT), Woodside Petroleum Limited (ASX: WPL), and the rest of Australia's energy producers could be on the rise today after oil prices surged higher. According to Bloomberg, the WTI crude oil price rose 1.5% to US$60.07 a barrel and the Brent crude oil price stormed 1.6% higher to US$65.22 a barrel.
Gold price higher.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after the spot gold price pushed higher. According to CNBC, the spot gold price rose 0.6% to US$1,481.2 an ounce. Though, news of the trade deal could weigh on the safe haven asset on Monday.
Woolworths AGM.
All eyes will be on the Woolworths Group Ltd (ASX: WOW) share price today when it holds its annual general meeting. The conglomerate could provide investors with a trading update at its event in Sydney this morning.
