Last week the S&P/ASX 200 Index (ASX: XJO) continued its positive run and delivered its fourth weekly gain in a row. The benchmark index ended the period up 1.9% to 5487.5 points.
Will the market be able to build on this next week? Here are a few things to watch:
Wall Street storms higher.
Optimism over a potential treatment for COVID-19 sent U.S. equities racing higher on Friday. The Dow Jones climbed over 700 points or 3%, the S&P 500 rose 2.7%, and the Nasdaq index pushed 1.4% higher. Current SPI futures are pointing to a modest gain at the open on Monday for the ASX 200 index.
Mining giants to release their updates.
Two of Australia's largest mining companies are scheduled to release their quarterly updates next week. On Monday South32 Ltd (ASX: S32) is due to release its third quarter update. Then on Tuesday BHP Group Ltd (ASX: BHP) will release its third quarter update. Last week Rio Tinto Limited (ASX: RIO) released its latest quarterly update and impressed the market with its strong performance.
Sydney Airport traffic update.
All eyes will be on the Sydney Airport Holdings Pty Ltd (ASX: SYD) share price on Monday when it releases its traffic data for the month of March. The airport operator is expected to report an extremely sharp reduction in passenger numbers due to travel restrictions because of the coronavirus pandemic.
Economic data releases.
On Tuesday the Reserve Bank will release it minutes from its last cash rate meeting. According to the latest Westpac Banking Corp (ASX: WBC) Weekly economic report, the bank will be looking for RBA guidance on the impact of the shutdown. In addition to this, on Thursday the first quarter National Australia Bank Ltd (ASX: NAB) business survey will be released. This survey is expected to reveal a sharp decline in confidence.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Sydney Airport Holdings Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
