The S&P/ASX 200 Index (ASX: XJO) was on form again last week and recorded its second consecutive weekly gain. The benchmark index climbed 2.8% to 5391.1 points.
Next week is going to be another busy one for investors. Here are a few things to watch:
Wall Street ends the week on a high.
U.S. equities finished the week on a high on Friday despite record U.S. job losses. The Dow Jones pushed 1.9% higher, the S&P 500 climbed 1.7%, and the Nasdaq index continued its positive run with a 1.6% gain. Although a record 20.5 million jobs were lost last month, investors appear confident the worst of the coronavirus and its impact on the U.S. economy has passed. Back home, current SPI futures are pointing to a gain at the open on Monday for the ASX 200 index.
Commonwealth Bank third quarter update.
All eyes will be on the Commonwealth Bank of Australia (ASX: CBA) share price on Wednesday when Australia’s largest bank releases its third quarter update. Some analysts have tipped the banking giant to reveal its expectations for provisions in FY 2020. There is speculation that Commonwealth Bank’s bad debt provisions could be as high as $3 billion because of the coronavirus pandemic.
Xero full year result.
On Thursday investor attention will turn to market darling Xero Limited (ASX: XRO). It is scheduled to release its full year results before the market open. Expectations are high for the business and accounting software provider after a stunning performance in the first half of FY 2020. During the half Xero reported a 32% increase in operating revenue to NZ$338.7 million and total subscriber growth of 30% to 2.057 million.
Caltex annual general meeting.
Also on Thursday is the Caltex Australia Limited (ASX: CTX) annual general meeting from Sydney. Due to the pandemic and social distancing measures, the fuel retailer will be streaming its meeting online. Its shareholders will have the opportunity to participate by asking questions online during the meeting. It is likely to provide an update on current trading conditions and its expectations for the rest of the year.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Xero. 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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