On Friday the S&P/ASX 200 index ended the week with a small gain. The benchmark index rose 2.5 points to finish it at 7,090.5 points.
Will the local share market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to sink lower.
The S&P/ASX 200 index looks set to start the week on a very disappointing note. According to the latest SPI futures, the ASX 200 is poised to sink 120 points or 1.7% at the open. This follows a bad night of trade on Wall Street which in late trade sees the Dow Jones down 1.1%, the S&P 500 trading 1.3% lower, and the Nasdaq index down a sizeable 1.5%. Concerns over the coronavirus have been weighing on global markets.
Oil prices tumble.
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could come under pressure on Tuesday after oil prices tumbled lower. According to Bloomberg, the WTI crude oil price fell 2.3% to US$52.95 a barrel and the Brent crude oil price dropped 2.5% to US$59.17 a barrel. The catalyst for this was concerns about the coronavirus impacting demand for oil.
Gold price higher.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) could be on the rise on Tuesday after the gold price pushed higher. According to CNBC, the spot gold price has stormed 0.45% higher to US$1,578.7 an ounce. Increased demand for safe haven assets has driven the price of the precious metal higher.
Crown executive changes.
The Crown Resorts Ltd (ASX: CWN) share price will be on watch today after a late announcement on Friday. That announcement revealed that the Crown board has appointed its chief financial officer, Ken Barton, as the casino and resort operator's new chief executive officer and managing director. It also revealed that its non-executive director, the Honourable Helen Coonan, has been appointed as the company's new chair. In addition to this, U.S. casino stocks were sold off overnight due to concerns over Chinese tourism following the coronavirus outbreak.
Credit Corp half year result.
The Credit Corp Group Limited (ASX: CCP) share price could be on the move today. It is scheduled to release its half year result before the opening bell. In November Credit Corp reiterated its FY 2020 net profit after tax growth guidance of 15% to 18%. It also revealed that it expects PDL acquisition of $300 million to $320 million and net lending of $60 million to $65 million. With its shares up 45% over the last 12 months, investors will no doubt be expecting this guidance to be at least maintained.
