5 things to watch on the ASX 200 on Tuesday

Here's what to expect from the ASX 200 on Tuesday…

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On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a subdued manner. The benchmark index edged 0.15% lower to 7,146.3 points.

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

ASX 200 expected to edge higher

The Australian share market looks set to edge higher on Tuesday following a decent start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 2 points higher. In late trade in the United States, the Dow Jones is up 0.45%, the S&P 500 is up 0.3%, and the NASDAQ has edged 0.1% higher.

CBA Q1 update

The Commonwealth Bank of Australia (ASX: CBA) share price will be in focus today when Australia's largest bank releases its first quarter update. Analysts at Citi commented: "Our 1Q23 cash earnings forecast is in-line with consensus, and we forecast a quarterly NIM of 1.96%, ~9bps ahead of 2H22. At the core earnings line, we expect ~6% core earnings growth in 1Q23 vs the 2H22 average."

Oil prices fall

Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a difficult day after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 3.4% to US$86.00 a barrel and the Brent crude oil price has fallen 2.75% to US$93.33 a barrel. A strong US dollar and a surge in COVID cases in China weighed on prices.

NAB goes ex-dividend

The National Australia Bank Ltd (ASX: NAB) share price is likely to trade lower today when the banking giant's shares go ex-dividend for its final dividend. Last week, NAB released its full year results and declared a fully franked 78 cents per share fully franked final dividend. This will now be paid to eligible shareholders on 14 December.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a positive day after the gold price traded higher overnight. According to CNBC, the spot gold price is up 0.4% to US$1,776.6 an ounce. That was despite the US Federal Reserve warning that it was not softening its fight against inflation.

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