On Wednesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) bounced back with a 0.7% gain to 6,245.1 points.
Will the local market be able to build on this on Thursday? Here are five things that could shape today's trade:
ASX futures pointing higher.
According to the latest SPI futures, the local share market is expected to open the day higher by 0.15% or 9 points. This follows a reasonably positive night of trade on Wall Street which saw the Dow Jones rise 0.3% and the S&P 500 climb 0.2%. The Nasdaq, however, edged slightly lower.
Oil prices rebound.
Shareholders of Australian energy shares including Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) will be relieved to learn that oil prices rebounded slightly overnight, putting an end to their slump. The WTI crude oil price rose 0.2% to US$68.92 a barrel and the Brent crude oil price climbed 1% to US$72.90 a barrel.
Local data.
Later today National Australia Bank Ltd (ASX: NAB) will release its Business Survey for the second quarter of 2018. In the first quarter the business conditions index increased by 2pts to +17, its highest level since 2007. Whereas the Business confidence index was unchanged at +7 index points, which was a little above its historical average.
Earnings upgrade from Ainsworth Game Technology.
The shares of the Ainsworth Game Technology Limited (ASX: AGI) could be given a major boost today after the embattled gaming technology company upgraded its guidance. The company had recently advised that full-year profit before tax (excluding currency movements) was expected to be $36 million. But due to a late order increase from Churchill Downs Incorporated, this is now expected to come in at $39 million.
A2 Milk Company shares will be on watch.
A2 Milk Company Ltd (ASX: A2M) share price could be heading lower following the release of a broker note out of UBS. Although the broker is optimistic on its future, there are small concerns over falls in formula prices. The company's New Zealand-listed shares are down 1.5% in early trade.
