On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a positive fashion. The benchmark index rose 0.7% to 7,124.7 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 fall
The Australian share market is expected to give back some of yesterday's gains on Tuesday following a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 33 points or 0.45% lower. In late trade in the United States, the Dow Jones is down 0.2%, the S&P 500 is down 0.7%, and the NASDAQ is 1.1% lower.
Origin takeover collapses
Origin Energy Ltd (ASX: ORG) shares will be on watch today after the $9.39 cash per share takeover proposal by Brookfield and EIG was rejected by shareholders at a scheme meeting. Only 68.92% of the votes cast by shareholders were in favour of the scheme resolution. The company's largest shareholder, AustralianSuper, said it "welcomes the decision by shareholders to vote against the takeover scheme."
Oil prices fall again
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 again overnight. According to Bloomberg, the WTI crude oil price is down 1.4% to US$72.99 a barrel and the Brent crude oil price is down 1.1% to US$78.01 a barrel. Demand fears are weighing on prices this week.
Gold price pulls back
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a tough session after the gold price pulled back overnight. According to CNBC, the spot gold price is down 2.15% to US$2,045 an ounce. Traders were taking profit after the gold price hit a record high on Monday.
Telstra shares rated as a hold
Bell Potter is sitting on the fence when it comes to Telstra Group Ltd (ASX: TLS) shares right now. This morning, the broker has retained its hold rating and $4.15 price target on the telco giant's shares. It said: "We acknowledge the stock is starting to look reasonable value but there is perhaps a lack of apparent short-term catalysts to drive the share price higher."
