On Thursday the S&P/ASX 200 index gave back its morning gains to finish the day in the red. The benchmark index fell 0.3% to 7,008.4 points.
Will the local share market be able to bounce back from this on Friday? Here are five things to watch:
ASX 200 expected to rise.
The S&P/ASX 200 index looks set to shake off declines in Europe and on Wall Street and push higher on Friday. According to the latest SPI futures, the ASX 200 is poised to open the day 9 points or 0.1% higher. In late trade on Wall Street the Dow Jones is down 0.3%, the S&P 500 is 0.4% lower, and the Nasdaq index is trading 0.4% lower.
Coronavirus concerns intensify.
Global markets dropped lower overnight after the WHO declared the coronavirus a global health emergency. In addition to this, the first human to human virus transfer in the United States spooked investors and sent them to safe haven assets. This could put further pressure on tourism-focused shares like Crown Resorts Ltd (ASX: CWN) and Flight Centre Travel Group Ltd (ASX: FLT) on Friday.
Gold price edges higher.
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could end the week on a high after the gold price surged higher. According to CNBC, the spot gold price is up a further 0.6% to US$1,585.60 an ounce.
Oil prices sink lower.
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could come under pressure today after oil prices continued to slide. According to Bloomberg, the WTI crude oil price is down 2.1% to US$52.23 a barrel and the Brent crude oil price has fallen 2.3% to US$58.41 a barrel. Concerns over the spread of coronavirus and its impact on the global economy put pressure on prices.
GUD result.
All eyes will be on the GUD Holdings Limited (ASX: GUD) share price on Friday when it releases its half year results. Management has previously advised that FY 2020's focus will be on medium term value rather than short term EBIT growth. Though, revenue and modest EBIT growth is expected in both its Automotive and Davey businesses this year.
