On Monday the S&P/ASX 200 index started the week on a disappointing note. The benchmark index fell 0.45% to 6,785.1 points.
Will the local share market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to edge lower.
The S&P/ASX 200 index looks set to extend its declines on Tuesday ahead of the Christmas break. According to the latest SPI futures, the ASX 200 is poised to fall 2 points at the open. In late trade on Wall Street, the Dow Jones is up 0.4%, the S&P 500 is 0.15% higher, and the Nasdaq index is pushing 0.3% higher.
Early close for Christmas Eve.
It’s going to be a shorter day of trade on Christmas Eve. The Australian share market will be closing earlier than normal at 2.10 pm Eastern Time this afternoon. It will then reopen again on Friday as normal.
Oil prices higher.
Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be on the rise on Tuesday after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.5% to US$60.73 a barrel and the Brent crude oil price has risen 0.65% to US$66.57 a barrel. Oil prices pushed higher despite Russia suggesting it may ease supply cuts in 2020.
Gold price higher.
Gold miners such including Resolute Mining Limited (ASX: RSG) and St Barbara Ltd (ASX: SBM) will be on watch after the spot gold price stormed higher. According to CNBC, the spot gold price rose 0.5% to US$1,488.5 an ounce. Economic concerns supported demand for the precious metal.
The CIMIC Group Ltd (ASX: CIM) share price will be on watch on Tuesday following a late announcement yesterday. That announcement revealed that its infrastructure services business, Ventia, has signed an agreement to purchase Broadspectrum. The acquisition is for an equity value of $485 million. This addition is expected to lift the combined group’s revenue to over $5 billion.
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