On Tuesday the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed notably higher. The benchmark index rose 0.5% to 6,161.4 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 poised to sink lower.
The ASX 200 looks set to end its winning streak on Wednesday. According to the latest SPI futures, the benchmark index is poised to drop 31 points or 0.5% lower at the open. This is despite it being a reasonably positive night of trade on Wall Street. The Dow Jones fell 0.2% but the S&P 500 rose 0.35% and the Nasdaq jumped 0.75%.
Woolworths result.
All eyes will be on the Woolworths Group Ltd (ASX: WOW) share price this morning if it releases its eagerly anticipated full year results. A strong result is expected from the conglomerate thanks to the strength of its key Woolworths supermarkets business during the pandemic. According to CommSec, the market is expecting a net profit after tax of $1.34 billion.
Oil prices jump.
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could be on the rise today after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 1.8% to US$43.40 a barrel and the Brent crude oil price is up 1.8% to US$45.96 a barrel. Storm driven output cuts have given prices a boost.
Gold price softens.
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) could come under pressure on Wednesday after the gold price softened further. According to CNBC, the spot gold price dropped 0.3% to US$1,933.30 an ounce amid optimism over a trade deal between the United States and China.
Flight Centre to report major loss.
The Flight Centre Travel Group Ltd (ASX: FLT) share price will be in focus this morning when its full year results are released. The travel agent giant is expecting to report a significant loss after tax in FY 2020 because of the pandemic. It has provided guidance for a statutory loss of between $825 million to $875 million. Investors will no doubt be keen to hear about current trading conditions. Note: Flight Centre ended up releasing its results on Thursday – here's how it fared.
