On Wednesday the S&P/ASX 200 Index (ASX: XJO) ended its winning streak and dropped slightly lower. The benchmark index fell 0.1% to 6,132 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to jump.
The ASX 200 looks set to jump higher on Thursday after a very positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is set rise 43 points or 0.7% at the open. In the United States the Dow Jones rose 1.05%, the S&P 500 climbed 1.4%, and the Nasdaq index stormed 2.1% higher.
Telstra result, dividend on watch.
The Telstra Corporation Ltd (ASX: TLS) share price will on watch today when it releases one of the most eagerly anticipated results of earnings season. The main focus will of course be on its dividend. Opinion is divided on whether the telco giant will be able to maintain its 16 cents per share fully franked dividend. Goldman Sachs expects this dividend to be maintained. It is also forecasting a 22% decline in net profit after tax to $2.4 billion.
Oil prices rebound.
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be on the rise on Thursday after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 2.2% to US$42.53 a barrel and the Brent crude oil price is 1.8% higher to US$45.31 a barrel. A larger than expected inventory drop in the U.S. supported prices.
Treasury Wine Estates FY 2020 results.
Also on watch today will be the Treasury Wine Estates Ltd (ASX: TWE) share price. This morning the wine company is due to release its FY 2020 results. According to a note out of Goldman Sachs, its analysts expect the company to report group sales of $2.65 billion and EBITS of $538.1 million. The latter is down 21% on the prior corresponding period.
Gold price lower.
Gold miners Newcrest Mining Limited (ASX: NCM) and Saracen Mineral Holdings Limited (ASX: SAR) will be on watch on Thursday after the gold price failed to rebound from yesterday's heavy decline. According to CNBC, the spot gold price is down 1% to US$1,926.7 an ounce. Better than expected economic data sent bond yields higher and put pressure on the gold price.