On Tuesday the S&P/ASX 200 index continued its positive run with another solid gain. The benchmark index ended the day 1.2% higher at 6,545 points.
Will the Australian share market be to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to drop.
The Australian share market looks set to drop lower on Wednesday after a disappointing night of trade on Wall Street. According to the latest SPI futures, the ASX 200 index is due to open the day 48 points or 0.75% lower this morning. Over on Wall Street the Dow Jones fell 0.65%%, the S&P 500 index dropped 0.8%, and the Nasdaq tumbled 0.7% lower.
Oil prices edges higher.
Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) shares could be on the rise on Wednesday after oil prices pushed higher. According to Bloomberg, the WTI crude oil price rose 0.2% to US$56.34 a barrel and the Brent crude oil price climbed 0.6% to US$60.10 a barrel.. The catalyst for this was easing trade tensions lending support to the buy side.
A2 Milk Company full year results.
The A2 Milk Company Ltd (ASX: A2M) share price could be on the move this morning when it releases its full year results. According to Morgans, it expects the infant formula and fresh milk company to deliver a stronger than expected result. The broker expects EBITDA of NZ$431.3 million, which is higher than the market consensus of NZ$420.6 million.
Gold price rebounds.
It could be a better day of trade for the likes of Resolute Mining Limited (ASX: RSG) and St Barbara Ltd (ASX: SBM) after the gold price rebounded overnight. According to CNBC, the spot gold price climbed 0.4% to US$1,517.50 an ounce. This was driven by a decline in bond yields.
Once again a large number of results are due to be released today from some of Australia’s most popular companies. Amongst the companies reporting today are Crown Resorts Ltd (ASX: CWN), Domino’s Pizza Enterprises Ltd (ASX: DMP), and WiseTech Global Ltd (ASX: WTC).
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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 WiseTech Global. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended Domino's Pizza Enterprises 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