On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a disappointing note. Coronavirus concerns led to the benchmark index falling 5.6% to 4,546 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 rebound.
The ASX 200 is poised to rebound on Monday despite further declines on Wall Street overnight. According to the latest SPI futures, the benchmark index is expected to open the day 61 points or 1.4% higher. In late trade on Wall Street the Dow Jones is down 3.6%, the S&P 500 index has fallen 3.5%, and the Nasdaq index is down 1.2%. U.S. shares tumbled lower after the coronavirus stimulus bill failed to get through the Senate.
Oil prices push higher.
Energy producers including 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 3.1% to US$23.34 a barrel and the Brent crude oil has climbed 0.8% to US$27.19 a barrel.
Gold price jumps.
Gold miners including Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) could storm higher today after the gold price charged higher. According to CNBC, the spot gold price climbed 5.4% to US$1,565 an ounce after the U.S. Federal Reserve revealed a major new stimulus package. The Fed advised that it will buy an unlimited amount of bonds.
BWP withdraws guidance.
The BWP Trust (ASX: BWP) share price will be on watch today after the Bunnings landlord withdrew its distribution guidance for FY 2020. Management made the move due to the uncertainty of the duration and impact of the COVID-19 pandemic. BWP was planning to increase its distribution by 1% year on year in FY 2020.
Crown closes gaming operations.
The Crown Resorts Ltd (ASX: CWN) share price looks set to return from its trading halt and could sink lower on Tuesday. This follows the release of an after-market announcement on Monday which revealed that it has now closed all its gaming activities, and its food, beverage, and conferencing facilities. Its hotel accommodation remains open but in a reduced capacity.
