On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with the smallest of gains. The benchmark index rose slightly to 7,675.8 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 higher
The Australian share market is expected to edge higher on Tuesday following a positive 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 0.35%, the S&P 500 is up 0.8%, and the NASDAQ is 1% higher.
RBA meeting
The Reserve Bank of Australia will be meeting today to decide on interest rates. Unfortunately for homeowners and borrowers, the central bank is largely expected to keep rates on hold at this meeting and through to at least September. The ASX 30 Day Interbank Cash Rate Futures March 2024 contract is currently trading at 95.685, which is indicating only a 5% expectation of an interest rate decrease to 4.10% at today's meeting.
Oil prices surge
ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) could have a strong session after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 2.45% to US$83.03 a barrel and the Brent crude oil price is up 2.1% to US$87.13 a barrel. Oil prices stormed higher on news of lower Iraq and Saudi exports.
New Hope results
The New Hope Corporation Ltd (ASX: NHC) share price will be on watch today when the coal miner releases its half-year results. The coal miner has already advised that it expects to report EBITDA of $425 million for the half. All eyes will be on its interim dividend, which is likely to be down approximately 50% on the prior corresponding period. This is due largely to weaker coal prices.
Gold price rises
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent session after the gold price edged higher on Monday. According to CNBC, the spot gold price is up 0.15% to US$2,164.4 an ounce. Traders were buying gold ahead of a number of central bank meetings.
