5 things to watch on the ASX 200 on Tuesday

Business woman watching stocks and trends while thinking

Business woman watching stocks and trends while thinking

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a very strong gain. The benchmark index rose 1.2% to 6,687.1 points.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market is expected to open the day lower 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 26 points or 0.4% lower. On Wall Street the Dow Jones dropped 0.7%, the S&P 500 fell 0.85%, and the NASDAQ tumbled 0.8%. A late selloff wiped out some strong intraday gains.

ANZ rated neutral

Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares remain neutral rated at Goldman Sachs following its agreement to acquire the banking operations of Suncorp Group Ltd (ASX: SUN). However, with a price target of $27.44, Goldman sees significant upside for ANZ’s shares. It commented: “While the deal somewhat improves ANZ’s lack of scale in domestic retail/commercial banking, we see operational risk as elevated.”

Oil prices jump

It could be a very good day for energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 4.7% to US$102.17 a barrel and the Brent crude oil price has risen 4.45% to US$105.68 a barrel. Concerns about Russia’s gas supply to Europe boosted prices.

BHP’s Q4 update

The BHP Group Ltd (ASX: BHP) share price will be one to watch on Tuesday when the mining giant releases its fourth quarter update. The Big Australian is guiding to full-year production of 249Mt to 259Mt for iron ore, 1,570kt to 1,620kt for copper, and 38Mt to 41Mt for metallurgical coal.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.2% to US$1,706.7 an ounce. A softer US dollar gave the precious metal a lift.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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