5 things to see at ASX 200 on Tuesday October 13th...

5 things to see at ASX 200 on Tuesday October 13th...
5 things to see at ASX 200 on Tuesday October 13th...
On Monday the S & P / ASX 200 Index (ASX: XJO) continued its impressive run with another solid win. The reference index rose by 0.5% to 6,132 points.

Will the market be able to build on that on Tuesday? There are five things to keep in mind:

ASX 200 is expected to storm higher.

Tuesday should be another very positive trading day for the Australian stock market. According to the latest SPI futures, the ASX 200 is ready to open the day 44 points, or 0.7% higher this morning. This follows a strong start to the week on Wall Street, with the Dow Jones up 0.9% in late trading, the S&P 500 up 1.6% and the Nasdaq index up 2.5%.

Tech Stocks Soar?

A sharp rise in the technology-centric Nasdaq index could be good news for the local tech sector on Tuesday. That’s because those like Appen Ltd. (ASX: APX) und Xero Limited (ASX: XRO) tend to follow the example of their US counterparts. In late-trading on Wall Street, the Nasdaq index was up a whopping 2.5%. A very strong win from Apple helps drive markets higher in the United States.

Gold price rises.

Gold miners including Evolution Mining Ltd. (ASX: EVN) and Northern Star Resources Ltd. (ASX: NST) could be on the rise today after the price of gold rose. According to CNBC, the price of spot gold was up 0.1% to $ 1,928.40 an ounce. The price of the precious metal hit a three-week high overnight before giving back some of its gains.

Oil prices are falling.

It could be a tough day for energy shares like Santos Ltd. (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices fell. According to Bloomberg, WTI crude oil prices fell 2.55% to $ 39.56 a barrel and Brent crude oil prices fell 2.4% to $ 41.81 a barrel. Traders sold oil after production in Libya, Norway and the United States came back online after the recent shutdowns.

Commonwealth Bank General Meeting.

The Commonwealth Bank of Australia The share price (ASX: CBA) will be observed on Tuesday at the general meeting. The banking giant could potentially release a trade update along with its meeting presentation. Shareholders also have the opportunity to vote on items such as the bank’s compensation report.

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Returns from October 6, 2020

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