Will the market be able to recover from this on Friday? There are five things to keep in mind:
ASX 200 is expected to recover.
It should be a better day for the Australian stock market after Wall Street rallied overnight. According to the latest SPI futures, the ASX 200 is ready to open the day up 36 points, or 0.6%, this morning. In late trade in the US, the Dow Jones was up 0.95%, the S&P 500 was up 1.7%, and the Nasdaq was up 2.2%. The latter could be good news for local tech stocks Afterpay Limited (ASX: APT).
ResMed Q1 Update.
The ResMed Inc. (ASX: RMD) The stock price could be moving today when it releases its first quarter update. Earlier this week, Macquarie analysts warned that the company’s equipment sales could be lower this quarter due to lower-than-expected fan volumes. ResMed expects first quarter revenue of $ 714 million.
Oil prices continue to weaken
The stock market may rebound, but the same cannot be said of oil prices, which have continued to weaken. This could be bad news for people like Beach Energy Ltd. (ASX: BPT) and Oil Search Limited (ASX: OSH) on Friday. According to Bloomberg, WTI crude oil prices fell 2.9% to $ 36.30 a barrel and Brent crude oil prices fell 3.5% to $ 37.75 a barrel. Oil prices are on track for their worst week since April.
Janus Henderson Update.
The Janus Henderson Group CDI (ASX: JHG) The share price will be available on Friday. US-listed stocks fell overnight after the third quarter update was released. The manager reported a 6% increase in assets under management to $ 358.3 billion. While this was positive, it was all due to favorable market movements. Janus Henderson posted a net outflow of $ 2.9 billion for the quarter.
Gold price lower.
Gold digger Evolution Mining Ltd. (ASX: EVN) and Northern Star Resources Ltd. (ASX: NST) could have a subdued end of the week after gold prices fell again. According to CNBC, the spot gold price fell 0.5% to $ 1,869.40 an ounce. This was due to a stronger US dollar.
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James Mickleboro has no position in any of the stocks mentioned. Motley Fool Australia’s parent company, Motley Fool Holdings Inc., owns shares in Altium and recommends Altium. Motley Fool Australia’s parent company, Motley Fool Holdings Inc., owns shares in CSL Ltd., PUSHPAY FPO NZX and Xero. The Motley Fool Australia owns shares in and has A2 Milk and Bravura Solutions Ltd. recommended. The Motley Fool Australia owns shares in AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia recommended PUSHPAY FPO NZX and ResMed Inc. We fools may not all be the same, but we all believe that taking a variety of insights into account makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorized by Scott Phillips.
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