On Tuesday the S & P / ASX 200 index continued its disappointing run and fell further by 0.2% to 6.641 points.
Will the market be able to recover on Wednesday? Here are five things to look at:
The ASX should go lower.
The Australian stock market is expected to continue its poor performance on Wednesday. According to the latest SPI futures, the ASX 200 index is ready to open 0.2% or 13 points less this morning. This follows a poor night of trading on Wall Street which saw the Dow Jones drop 0.1%, the S&P 500 fall 0.35% and the Nasdaq fell 0.4%. Concerns about trade war weighed on US markets.
BHP quarterly update.
In the wake of the Rio Tinto Limited (ASX: RIO) update Tuesday, this morning is the turn of BHP Group Ltd (ASX: BHP) to release its latest quarterly update. According to a note from Goldman Sachs, it has forecast an increase in iron ore production of 7% to 68.2 million tons and an annual production of 267 million tons. It is also expected that copper production will increase by 5% to 439 kt, oil production will drop by 3% to 28 million boe and a 25% increase in the production of methane coal at 12.4 Mt.
Collapse of oil prices.
It seems to be a disappointing day for exchanging energy shares like Santos Ltd (ASX: STO) e Woodside Petroleum Limited (ASX: WPL) after oil prices crashed downward. Second Bloomberg, the price of WTI crude oil fell 3.5% to 59.31 US dollars a barrel and the price of Brent crude oil fell 3.2% to 66.22 US dollars a barrel. The catalyst for this was news that tensions between the United States and Iran have eased.
The price of gold falls lower.
Gold miners included Newcrest Mining Limited (ASX: NCM) e Saracen Minerals Holdings Limited (ASX: SAR) will be on watch today after the price of gold has fallen day by day. According to CNBC, the gold spot price fell 0.4% to US $ 1.407.60 an ounce after solid US retail sales data cut hopes of cutting rates.
CIMIC half-year results.
The CIMIC Group Ltd (ASX: CIM) The price of the shares will be the one to keep under observation this morning when the international contractor will publish the half-year results. A note from Goldman Sachs reveals that it expects the company to report a 9% increase in underlying net income after tax to $ 396 million. His analysts also expect the company to reiterate the underlying net profit for the full year after tax of $ 790 million to $ 840 million.
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Motley Fool collaborator James Mickleboro has no position in any of the stocks mentioned. Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all have the same opinions, but we are all convinced that, considering a wide range of insights, we have become better investors. The Motley Fool has a disclosure policy. This article contains only general investment recommendations (with AFSL 400691). Authorized by Scott Phillips.
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