On Thursday the S&P/ASX 200 index saw its impressive run come to an end with a 0.3% decline to 6,491.8 points.
Will the market be able to bounce back and finish the week on a high? Here are five things to watch:
ASX futures pointing lower.
The Australian share market looks set to end the week on a disappointing note following a selloff of global equities. According to the latest SPI futures, the ASX 200 is expected to open the day 0.45% or 29 points lower this morning. On Wall Street the Dow Jones fell 1.1%, the S&P 500 dropped 1.2%, and the Nasdaq index sank 1.6% lower due to trade concerns.
Oil prices crash.
It looks like it could be a very disappointing finish to the week for Australian energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) after oil prices crashed lower overnight. According to Bloomberg, the WTI crude oil price sank 5.2% to US$58.20 a barrel and the Brent crude oil price tumbled 4.3% lower to US$70.83 a barrel.
Gold price higher.
Australian gold miners such as Evolution Mining Ltd (ASX: EVN) and St Barbara Ltd (ASX: SBM) look set to have a positive finish to the week after a pullback in the U.S. dollar and a selloff of equities sent the gold price higher. According to CNBC, the spot gold price climbed 0.7% to US$1,283 an ounce.
Tech shares on watch.
Afterpay Touch Group Ltd (ASX: APT), WiseTech Global Ltd (ASX: WTC), and the rest of the tech sector could come under pressure on Friday after their U.S. counterparts sank lower overnight on the back of trade war concerns. On Wall Street all the FAANG stocks dropped lower, dragging the Nasdaq index down by 1.6%.
Suncorp rated as a buy.
Following the release of APRA's general insurance data for the March quarter, analysts at Goldman Sachs have retained their buy rating on the shares of Suncorp Group Ltd (ASX: SUN). It said: "With insurance sector multiples looking stretched (particularly in PHI following the election), we think SUN represents the most compelling value in the space currently."
