On Thursday the S&P/ASX 200 index was out of form again and dropped notably lower. The benchmark index finished the day 0.4% lower at 6,663.4 points.
Will the local share market be able to bounce back on Friday? Here are five things to watch:
ASX 200 poised to drop.
It looks set to be a disappointing end to the week for the S&P/ASX 200 index. According to the latest SPI futures, the ASX 200 is expected to fall 0.4% or 27 points this morning. This follows a disappointing night of trade on Wall Street which saw the Dow Jones fall 0.5% lower, the S&P 500 drop 0.3%, and the Nasdaq slide 0.15%.
Macquarie half year result.
All eyes will be on the Macquarie Group Ltd (ASX: MQG) share price this morning when it releases its half year result. Macquarie is expected to post a 10% increase in first half profit. Looking ahead, management has previously guided to a full year result slightly down on FY 2019.
Oil prices lower.
Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) shares could come under pressure again today after oil prices tumbled lower. According to Bloomberg, the WTI crude oil price fell 1.7% to US$54.13 a barrel and the Brent crude oil price dropped 0.6% to US$60.23 a barrel. A rise in US inventories and weak Chinese economic data weighed on prices.
Orica results.
The Orica Ltd (ASX: ORI) share price could be on the move on Friday when it releases its full year results. According to a note out of Goldman Sachs, its analysts expect the chemicals company to report EBITDA of $951 million and NPAT of $358 million. It will also be looking out for management's AN pricing outlook for 2020 as the industry progresses through a period of east coast pricing renewals.
Gold price rises.
Australia's leading gold miners including Newcrest Mining Ltd (ASX: NCM) and Saracen Mineral Holdings Limited (ASX: SAR) could be on the rise today. According to CNBC, the spot gold price has jumped 1.2% to US$1,514.30 an ounce following the Federal Reserve's rate cut.
