It was a great day of trade for the S&P/ASX 200 Index (ASX: XJO) on Thursday. The benchmark index stormed 1.3% higher to 6,139.6 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to rise.
It looks set to be another positive day for the Australian share market. According to the latest SPI futures, the ASX 200 is poised to open the day 38 points or 0.6% higher this morning. In late trade in the United States, the Dow Jones is up 2%, the S&P 500 has jumped 2.2%%, and the Nasdaq has stormed 2.7% higher.
U.S. election result nears.
The result of the U.S. is getting closer. As things stand Joe Biden is leading Donal Trump by 253 to 214 with the result largely dependant on four key battleground states. The first to 270 will be crowned the U.S. President. The U.S. dollar weakened overnight on the belief that Biden is on the verge of winning.
Macquarie half year results.
The Macquarie Group Ltd (ASX: MQG) share price could be on the move today when it hands in its half year results. According to a note out of Goldman Sachs, its analysts have forecast net profit after tax of $957 million. This will be down 34% on the prior corresponding period and in line with the company’s guidance. The consensus estimate is for a net profit after tax $953 million.
Oil prices drop lower.
Energy shares such as Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) could miss out on the push higher today after oil prices weakened. According to Bloomberg, the WTI crude oil price is down 1.15% to US$38.70 a barrel and the Brent crude oil price is down 0.95% to US$40.84 a barrel. Oil prices snapped their three-day winning streak amid concerns over European lockdowns.
Gold price races higher.
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a great finish to the week after the gold price raced higher. According to CNBC, the spot gold price has stormed 2.8% higher to US$1,950.30 an ounce. Traders have been buying gold after the U.S. dollar softened on the belief that Joe Biden will win the US election.
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Returns as of 6th October 2020
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- 5 things to watch on the ASX 200 on Thursday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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