On Thursday the S&P/ASX 200 index continued its impressive run and climbed a further 0.6% higher to 6,818 points. This left it within touching distance of its record high.
Will the market be able to build on this and finish the week on a high on Friday? Here are five things to watch:
ASX futures pointing lower.
It looks set to be a disappointing finish to the week for the Australian share market. According to the latest SPI futures, the ASX 200 index is poised to open the day 0.4% or 29 points lower this morning. This follows a weak night of trade on Wall Street which saw the Dow Jones fall 0.5%, the S&P 500 drop 0.5%, and the Nasdaq index slide 1% lower. Investors appear disappointed that the U.S. Federal Reserve is likely to only cut rates by a quarter percentage point next week, not a half point.
ResMed results.
The ResMed Inc. (ASX: RMD) share price will be on watch this morning when the medical device company reports its fourth quarter results. According to a note out of Credit Suisse, it expects the company to report a 15% increase in full year revenue (in constant currency) and an 8% lift in earnings before interest and tax. Credit Suisse has a buy rating and $18.45 price target on ResMed's shares.
Oil prices edge higher.
Energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price climbed 0.2% to US$55.99 a barrel and the Brent crude oil price rose a fraction to US$63.20 a barrel.
GUD results.
It isn't just ResMed releasing its results today. Also reporting this morning is products company GUD Holdings Limited (ASX: GUD). In the first half the company posted a 13% increase in revenue and a 9% lift in underlying EBIT from continuing operations thanks to its Automotive business. More of the same is expected in the second half.
Gold price drops.
It looks set to be a subdued end to the week for high flying gold miners such as Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) after the precious metal dropped lower overnight. According to CNBC, the spot gold price fell 0.7% to US$1,414.0 an ounce amid concerns that the U.S. Federal Reserve may not cut rates as much as traders hoped.
