On Wednesday the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped lower. The benchmark index fell 0.3% to 6,682.4 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 futures pointing higher.
The Australian share market looks set to bounce back on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 6 points or 0.1% higher this morning. This follows a positive night on Wall Street which in late trade sees the Dow Jones up 0.3%, the S&P 500 up 0.2%, and the Nasdaq 0.3% higher.
Oil prices higher.
Energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could be on the rise today after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.7% to US$48.34 a barrel and the Brent crude oil price has risen 0.3% to US$51.23 a barrel. A decent U.S. inventory draw helped support prices.
UK approves AstraZeneca-Oxford University COVID vaccine.
The United Kingdom has become the first country to approve the COVID-19 vaccine developed by Oxford University and AstraZeneca for emergency use. Trials have shown that the vaccine is safe and about 70% effective against the virus, though AstraZeneca believes that its true efficacy is much stronger. This could be good news for the CSL Limited (ASX: CSL) share price. The biotech giant is already manufacturing millions of doses of this vaccine in Melbourne.
Gold price rises.
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could finish the shortened week strongly. According to CNBC, the spot gold price has risen 0.7% to US$1,896 an ounce. The gold price firmed up after the U.S. dollar sank to a multi-year low.
Early close.
The Australian share market will be closing early on Thursday ahead of the New Years break. According to the ASX, normal trading will cease at 14:10 Sydney time. After which, the market will be reopening as normal again on Monday of next week.
