5 things to watch on the ASX 200 on Tuesday

Another busy day is expected on the ASX 200 on Tuesday…

Smiling man with phone in wheelchair watching stocks and trends on computer

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

sdf

On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a subdued note. The benchmark index finished the day slightly lower at 7,394.3 points.

Will the market be able to bounce back from this on Tuesday? Here are five things to watch:

ASX 200 expected to rise

The Australian share market looks set to push higher on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 22 points or 0.30% higher at the open. This follows a positive night of trade on Wall Street, which saw the Dow Jones rise 0.2%, the S&P 500 climb 0.25%, and the Nasdaq edge slightly higher. The S&P 500 hit a new record high overnight.

Oil prices edge higher

Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a positive day after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price is up 0.1% to US$72.13 a barrel and the Brent crude oil price has risen 0.85% to US$74.72 a barrel. Traders were buying oil on the belief that the market is undersupplied.

Oil Search Q2 update

The Oil Search Ltd (ASX: OSH) share price will be one to watch when it releases its second quarter update this morning. Shareholders will be hoping that the energy producer's performance has improved since the first quarter when it recorded a 2.7% quarter on quarter decline in net production to 6.9mmboe. Investors may also want to look out for any comments on the Santos Ltd (ASX: STO) merger proposal.

Gold price softens

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.25% to US$1,797.6 an ounce. The price of the precious metal fell despite weakness in the US dollar. Traders appear nervous ahead of another US Federal Reserve meeting.

Westpac asset sale update

The Westpac Banking Corp (ASX: WBC) share price will be on watch today. This follows the after market release of an announcement on Monday relating to its sale of its Pacific businesses. That update reveals that Papua New Guinea's Independent Consumer and Competition Commission intends to deny authorisation to Kina Bank for the proposed acquisition of Westpac's stake in Westpac Bank PNG.

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Person handing out $100 notes, symbolising ex-dividend date.
Share Market News

$20,000 invested in CBA and these ASX 200 shares 5 years ago is worth

Did these shares deliver the goods for investors? Let's find out.

Read more »

a business person checks his mobile phone outside a Wall Street office with an American flag and other business people in the background.
Share Market News

Is the 'sell America' trade back?

Institutional investors appear to be at odds with retail investors.

Read more »

Unsure man analysing data on laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing end to a disappointing week for investors this Friday.

Read more »

Six smiling office colleagues stand in a row and look at the camera.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why ANZ, Clarity, IGO, and Pilbara Minerals shares are dropping today

These shares are ending the week in the red. But why?

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Betr, Centuria Capital, GR Engineering, and Mach7 shares are pushing higher

These shares are having a good finish to the week. But why?

Read more »

woman holding 'hiring' sign in shop
Broker Notes

How much upside does Macquarie tip for Seek shares?

The broker recently reviewed Australian job ad volumes for May.

Read more »

Ecstatic woman looking at her phone outside with her fist pumped.
Broker Notes

Macquarie tips 50% return for this cheap ASX All Ords stock

Let's see which stock the broker is feeling bullish about this week.

Read more »