On Thursday the S&P/ASX 200 index dropped lower for a second consecutive day, falling 0.75% to finish the day at 6,392.1 points.
Will the market be able to bounce back and end the week on a high on Friday? Here are five things to watch:
ASX futures pointing higher.
The Australian share market looks set to end the week on a positive note. According to the latest SPI futures, the ASX 200 index is expected to open the day 20 points or 0.3% higher this morning. This follow a positive night of trade on Wall Street which saw the Dow Jones rise 0.2%, the S&P 500 climb 0.2%, and the Nasdaq push 0.3% higher.
Oil prices crash lower.
It looks set to be a bad end to the week for Australian energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices crashed lower overnight. According to Bloomberg, the WTI crude oil price sank 3.9% to US$56.51 a barrel and the Brent crude oil price tumbled 4.3% to US$69.47 a barrel. Trade worries weighed heavily on prices.
ResMed shares on watch.
The ResMed Inc. (ASX: RMD) share price will be on watch today after the AFR reported that the sleep treatment specialist has appointed Shubhi Khurana as general manager for India and south Asia. This is all part of the company's plan to focus on markets which it believes are untapped opportunities. These high-growth markets include China, India, eastern Europe, Brazil and south-east Asia.
Gold price hits a two-week high.
Australian gold miners including Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) could end the week on a high after the gold price climbed to a two-week high. According to the CNBC, the spot gold price rose 0.55% to US$1,279.50 an ounce after U.S. data supported a Fed rate cut.
Packer sells Crown shares.
Crown Resorts Ltd (ASX: CWN) shares will be on watch after it emerged that James Packer has sold a 19.99% stake in the casino and resorts operator to Melco Resorts & Entertainment for approximately $1.76 billion or $13.00 per share. This represented a slight premium to Crown's last closing price of $12.92. Mr Packer said: "Crown has been a massive part of my life for the last 20 years and that absolutely remains the case today – my continuing Crown shareholding represents my single largest investment."
