On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a disappointing fashion. The benchmark index fell 0.85% to 7,277 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
Image Source: Getty Images
ASX 200 expected to edge higher
The Australian share market is set to edge higher on Tuesday following a positive start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 1 point higher. On Wall Street, the Dow Jones was up 0.1%, the S&P 500 rose 0.6%, and the NASDAQ climbed 1%.
Oil prices fall
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a subdued session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.7% to US$82.60 a barrel and the Brent crude oil price is down 0.6% to US$86.30 a barrel. Concerns over the Chinese economy put pressure on prices.
NAB Q3 update
The National Australia Bank Ltd (ASX: NAB) share price will be in focus today. That's because the banking giant is due to release its third-quarter update. As a reminder, during the first half of FY 2023, NAB reported a 17% increase in cash earnings. However, with the team at Goldman Sachs expecting full-year growth of 8.75%, this suggests that its second-half earnings will only grow ~1%. It could be worth looking to see if NAB is on course to deliver (or not) on this with its third-quarter earnings.
Gold price lower
ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.35% to US$1,939.7 an ounce. A strong US dollar weighed on the precious metal.
CSL results
CSL Limited (ASX: CSL) shares will be on watch today when the biotherapeutics giant releases its eagerly anticipated FY 2023 results. Management is expecting to hit the high end of its NPATA guidance range of US$2.7 billion to US$2.8 billion in constant currency. Looking ahead, the market will no doubt be keen to see if CSL's FY 2024 guidance for NPATA of ~US$2.9 billion to US$3 billion remains in place.
