On Tuesday trade war concerns weighed on the S&P/ASX 200 index, sending it 0.3% lower to 6,568.5 points.
Will the Australian share market be able to bounce back on Wednesday? Here are five things to watch:
ASX 200 expected to storm higher.
It looks set to be a very positive day of trade for the S&P/ASX 200 index after the U.S. pushed back tariffs on a number of Chinese goods and removed others from its list altogether. According to the latest SPI futures, the ASX 200 index is poised to open the day 49 points or 0.75% higher this morning. On Wall Street the Dow Jones rose 1.5%, the S&P 500 index climbed 1.5%, and the Nasdaq sank 1.95%.
The CSL Ltd (ASX: CSL) share price will be one to watch this morning when the biotherapeutics company releases its highly anticipated full year results. In February the company advised that it expects FY 2019 net profit after tax to be around the upper end of its guidance range of US$1,880 million to US$1,950 million in constant currency.
Oil prices surge higher.
It looks set to be a positive day of trade for the likes of Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) after trade war optimism sent oil prices surging higher. According to Bloomberg, the WTI crude oil price has risen 3.8% to US$57.04 a barrel and the Brent crude oil price is up a sizeable 4.6% to US$61.26 a barrel.
Gold price slides lower.
Northern Star Resources Ltd (ASX: NST) and St Barbara Ltd (ASX: SBM) could come under pressure today after the gold price dropped lower overnight amid improving investor sentiment. According to CNBC, the spot gold price fell 0.2% to US$1,514 an ounce. From top to bottom it was down as much as 2% at one stage but recovered most of these declines.
NAB third quarter update.
The National Australia Bank Ltd (ASX: NAB) share price could be on the move on Wednesday when it releases its third quarter update. All eyes will be on the bank’s net interest margin, bad debts, and its CET1 ratio.
Shares rated as buys.
5 dirt cheap shares have just been named as buys. One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price… Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully frankded yield...Plus 3 more cheap bets that could position you to profit over the next 12 months!
See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.
- NEW: Free report names top 3 ASX dividend shares to buy for 2019
- Top analysts name their top 3 ASX blue chip shares for 2019
- Richest man alive issues dire warning
- 3 quality dividend shares to boost your income
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of National Australia Bank 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.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019