On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a big gain. The benchmark index rose 0.9% to 7,217.4 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 expected to edge lower
The Australian share market looks set to edge lower this morning following a poor start to the week in Europe. According to the latest SPI futures, the ASX 200 is poised to open the day 9 points or 0.1% lower. Wall Street was closed for a public holiday but the CAC and the DAX both fell 0.2%.
Oil prices rise
Energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a decent session after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.5% to US$73.04 a barrel and the Brent crude oil price is up 0.1% to US$77.03 a barrel. News that a provisional US debt deal has been reached boosted prices.
Wesfarmers strategy day
The Wesfarmers Ltd (ASX: WES) share price will be one to watch on Tuesday. That's because this morning the conglomerate is holding its strategy day. There's also potential for the Bunnings and Kmart owner to provide the market with a trading update for FY 2023 at the event.
Gold price slips
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price fell overnight. According to CNBC, the spot gold price is down 0.1% to US$1,961.2 an ounce. Demand for the safe haven asset fell amid news of the provisional US debt deal.
Buy the IDP Education dip
The IDP Education Ltd (ASX: IEL) share price was sold off on Monday amid concerns over changes to language testing requirements for students in Canada. Goldman Sachs believes this is a buying opportunity and has retained its buy rating with a trimmed $30.60 price target. It said: "We believe IELTS will continue to command a leading market share given its status as the premier globally recognised English testing provider, backed by Cambridge and the British Council."
