On Wednesday the S&P/ASX 200 index came under pressure again and sank lower. The benchmark index fell 1.7% to 6,325.4 points.
Will the local share market be able bounce back on Thursday? Here are five things to watch:
ASX 200 set to rebound.
The S&P/ASX 200 index looks set to rebound strongly on Thursday after a very positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to jump 76 points or 1.2% at the open. In late trade on Wall Street the Dow Jones is up 3.3%, the S&P 500 index has risen 3%, and the Nasdaq index has pushed 2.6% higher.
TPG Telecom results.
The TPG Telecom Ltd (ASX: TPM) share price will be on watch this morning when the telco giant releases its half year results. According to a note out of Goldman Sachs, its analysts expect TPG Telecom to report a 1% increase in revenue to $1,243 million and a 41% decline in net profit after tax. The market will also be watching for any changes to its guidance. TPG Telecom has previously stated that it expects BAU EBITDA of $735 million to $750 million in FY 2020.
Oil prices lower.
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could come under pressure after oil prices dropped lower. According to Bloomberg, the WTI crude oil price has fallen 0.7% to US$46.88 a barrel and the Brent crude oil price has fallen 1.2% to US$51.26 a barrel. Traders appear nervous ahead of the upcoming OPEC meeting.
Gold price slides.
Improving investor sentiment has put pressure on the gold price and could weigh on gold miners including Northern Star Resources Ltd (ASX: NST) and St Barbara Ltd (ASX: SBM). According to CNBC, the spot gold price has dropped 0.3% to US$1,639.50 an ounce.
Shares going ex-dividend.
A number of ASX 200 shares are due to trade ex-dividend this morning and are likely to drop lower. These include stock exchange operator ASX Ltd (ASX: ASX), mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO), travel company Corporate Travel Management Ltd (ASX: CTD), and insurance giant QBE Insurance Group Ltd (ASX: QBE).
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.