On Tuesday the S&P/ASX 200 Index (ASX: XJO) fought hard to carve out a solid gain. The benchmark index climbed 0.2% to 5,954.4 points.
Will the market be able to build on this on Wednesday? Here are five things to watch
ASX 200 poised to rise.
The ASX 200 looks set to push higher on Wednesday after a positive night of trade for U.S. stocks. According to the latest SPI futures, the benchmark index is expected to rise 4 points or 0.1% at the open. Overnight on Wall Street the Dow Jones rose 0.5%, the S&P 500 pushed 0.4% higher, and the Nasdaq index climbed 0.7%. U.S. stocks lifted amid optimism that a trade deal with China isn't over.
Oil prices tumble.
Concerns over weakening demand for oil weighed on prices and could weigh on the likes of Oil Search Ltd (ASX: OSH) and Santos Ltd (ASX: STO) on Wednesday. According to Bloomberg, the WTI crude oil price is down 1.3% to US$40.21 a barrel and the Brent crude oil price is 1.3% lower to US$42.54 a barrel.
Gold price jumps again.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could be on the rise today after the gold price jumped higher. According to CNBC, the spot gold price is up 1.1% to US$1,785.50 an ounce after the U.S. dollar weakened. The precious metal is now trading at its highest level since October 2012.
Afterpay UK update.
The Afterpay Ltd (ASX: APT) share price will be on watch on Wednesday after a late announcement by the payments company. Afterpay revealed that its UK-based Clearpay business now has over 1 million active customers on its platform after a year in the country. Another positive is that management notes that consumers are using its platform more frequently than they were in the U.S. at the same stage.
Coles given buy rating.
The Coles Group Ltd (ASX: COL) share price could be heading a lot higher from here according to analysts at Goldman Sachs. After looking through updates from two of its rivals this week, the broker has lifted its fourth quarter forecasts to reflect stronger than expected industry growth trends. Goldman has a conviction buy rating and $18.60 price target on its shares.
