On Tuesday the S&P/ASX 200 index returned to form and stormed notably higher. The benchmark index climbed a sizeable 1.35% to 6,826.4 points.
Will the local share market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to edge lower.
The S&P/ASX 200 index looks set to edge lower on Wednesday. According to the latest SPI futures, the ASX 200 is poised to fall 4 points at the open. This follows a disappointing night of trade on Wall Street which in late trade sees the Dow Jones down 0.35%, the S&P 500 0.2% lower, and the Nasdaq index trading flat.
Oil prices tumble.
Beach Energy Ltd (ASX: BPT), Santos Ltd (ASX: STO), and the rest of Australia's energy producers could come under pressure on Wednesday after oil prices tumbled lower. According to Bloomberg, the WTI crude oil price fell 0.9% to US$62.68 a barrel and the Brent crude oil price dropped 0.9% to US$68.26 a barrel.
Gold price higher.
Gold miners including Resolute Mining Limited (ASX: RSG) and St Barbara Ltd (ASX: SBM) could be on the move today after the spot gold price pushed higher again. According to CNBC, the spot gold price is currently up 0.25% to US$1,572.50 an ounce. Middle East concerns are supporting the precious metal.
Australian dollar sinks.
Companies that benefit from a lower Australian dollar such as Appen Ltd (ASX: APX) could be on the rise today after the Australian dollar sank lower. The local currency fell 1% overnight to 68.68 U.S. cents. Experts are pointing to the economic cost of the bushfires for the currency's decline.
Incitec Pivot dividend.
Shareholders of Incitec Pivot Ltd (ASX: IPL) can look forward to being paid the industrial chemicals and fertilisers company's latest dividend later today. Incitec Pivot is paying eligible shareholders a partially franked 3.4 cents per share dividend.
