On Monday the S&P/ASX 200 index started the week on a subdued note. The benchmark index finished the day 0.15% lower at 6,691.2 points.
Will the market be able to bounce back on Tuesday? Here are five things to watch:
ASX expected to rise.
It looks set to be a positive day of trade for the Australian share market. According to the latest SPI futures, the ASX 200 index is poised to open the day 11 points or 0.2% higher this morning. This follows a solid start to the week on Wall Street which saw the Dow Jones rise 0.1%, the S&P 500 climb 0.3%, and the Nasdaq jump 0.7%.
Oil prices storm higher.
It could be a good day for Australian energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices stormed higher overnight due to rising tensions in the Middle East. According to Bloomberg, the WTI crude oil price rose 1.1% to US$56.22 a barrel and the Brent crude oil price climbed 1.45% to US$63.37 a barrel.
Qube acquisition update.
The Qube Holdings Ltd (ASX: QUB) share price could be on the rise on Tuesday after the integrated provider of import and export logistics services' acquisition of Chalmers Limited (ASX: CHR) took another step forward. Chalmers has dispatched its target statement to shareholders, advising them that its directors unanimously recommend that shareholders accept Qube's offer in the absence of a superior proposal.
Gold price lower.
Northern Star Resources Ltd (ASX: NST), Resolute Mining Limited (ASX: RSG), and the rest of Australia's gold miners could come under pressure on Tuesday after the gold price dropped lower. According to CNBC, the spot gold price fell 0.1% to US$1,425.20 an ounce.
Saracen rated as neutral.
Analysts at Goldman Sachs have held firm with their neutral rating on Saracen Mineral Holdings Limited (ASX: SAR) shares following the release of its latest quarterly update. Production in the fourth quarter fell a touch short of the broker's expectations. Goldman prefers St Barbara Ltd (ASX: SBM).