On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decline. The benchmark index fell 0.4% to 7,229.1 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 despite a disappointing start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 9 points or 0.1% higher. In late trade in the United States, the Dow Jones is down 1.3%, the S&P 500 is down 1.5%, and the NASDAQ has tumbled 1.5% lower. Global markets have been spooked by COVID protests in China.
New Hope shares rated as a sell
The New Hope Corporation Limited (ASX: NHC) share price is overvalued according to analysts at Goldman Sachs. This morning the broker has reiterated its sell rating and $3.90 price target on the coal miner's shares. The broker expects "Indonesian and Chinese coal production and demand destruction" to weigh on thermal coal price in 2023.
Oil prices mixed
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is up 1.5% to US$77.37 a barrel and the Brent crude oil price has fallen 0.25% to US$83.43 a barrel. Oil prices recovered from heavy intraday declines amid speculation OPEC could cut its output.
Annual general meetings
A couple of ASX 200 shares will be holding their annual general meetings today and could provide the market with trading updates at their events. These are rare earths producer Lynas Rare Earths Ltd (ASX: LYC) and private hospital operator Ramsay Health Care Limited (ASX: RHC).
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a difficult day after the gold price traded lower overnight. According to CNBC, the spot gold price is down 0.85% to US$1,739.2 an ounce. A rising US dollar appears to have weighed on the precious metal.
