On Tuesday trade war concerns weighed on the S&P/ASX 200 index, sending it 0.3% lower to 6,568.5 points.
Will the Australian share market be able to bounce back on Wednesday? Here are five things to watch:
ASX 200 expected to storm higher.
It looks set to be a very positive day of trade for the S&P/ASX 200 index after the U.S. pushed back tariffs on a number of Chinese goods and removed others from its list altogether. According to the latest SPI futures, the ASX 200 index is poised to open the day 49 points or 0.75% higher this morning. On Wall Street the Dow Jones rose 1.5%, the S&P 500 index climbed 1.5%, and the Nasdaq sank 1.95%.
CSL result.
The CSL Ltd (ASX: CSL) share price will be one to watch this morning when the biotherapeutics company releases its highly anticipated full year results. In February the company advised that it expects FY 2019 net profit after tax to be around the upper end of its guidance range of US$1,880 million to US$1,950 million in constant currency.
Oil prices surge higher.
It looks set to be a positive day of trade for the likes of Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) after trade war optimism sent oil prices surging higher. According to Bloomberg, the WTI crude oil price has risen 3.8% to US$57.04 a barrel and the Brent crude oil price is up a sizeable 4.6% to US$61.26 a barrel.
Gold price slides lower.
Northern Star Resources Ltd (ASX: NST) and St Barbara Ltd (ASX: SBM) could come under pressure today after the gold price dropped lower overnight amid improving investor sentiment. According to CNBC, the spot gold price fell 0.2% to US$1,514 an ounce. From top to bottom it was down as much as 2% at one stage but recovered most of these declines.
NAB third quarter update.
The National Australia Bank Ltd (ASX: NAB) share price could be on the move on Wednesday when it releases its third quarter update. All eyes will be on the bank's net interest margin, bad debts, and its CET1 ratio.
