On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a disappointing fashion. The benchmark index fell 1.4% to 6,664.4 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
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ASX 200 expected to rebound
The Australian share market looks set to rebound strongly today after a great start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 55 points or 0.8% higher. In late trade in the United States, the Dow Jones is up 2%, the S&P 500 is up 2.7%, and the NASDAQ is storming 3.4% higher.
Oil prices mixed
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch today after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.1% to US$85.54 a barrel and the Brent crude oil price has risen 0.1% to US$91.69 a barrel. Recession fears were largely offset by optimism over loose monetary policy in China.
Rio Tinto update
The Rio Tinto Limited (ASX: RIO) share price will be in focus today when the mining giant releases its quarterly update. According to a note out of Goldman Sachs, its analysts are expecting Rio Tinto to report iron ore shipments of 83.4Mt. This is a touch lower than the consensus estimate of 84.5Mt. The market is sldo likely to be looking for commentary on cost inflation today as well.
Annual general meetings galore
A number of ASX 200 companies will be holding their annual general meetings today and are likely to provide trading updates. These include logistics solutions company Brambles Limited (ASX: BXB), hearing solutions company Cochlear Limited (ASX: COH), language testing company IDP Education Ltd (ASX: IEL), and wine giant Treasury Wine Estates Ltd (ASX: TWE).
Gold price rises
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.35% to US$1,654.7 an ounce. The precious metal rose after the US dollar and treasury yields pulled back.
