5 things to watch on the ASX 200 on Tuesday

Smiling man with phone in wheelchair watching stocks and trends on computer

Smiling man with phone in wheelchair watching stocks and trends on computer

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in fine form. The benchmark index rose 0.7% to 6,993 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 19 points or 0.3% lower. On Wall Street the Dow Jones fell 0.15%, the S&P 500 dropped 0.3%, and the NASDAQ was down 0.2%.

RBA meeting

The Reserve Bank of Australia is meeting again today to decide on the cash rate. According to the latest cash rate futures, the market sees a 67% probability of the central bank raising the cash rate by 0.65% to 2%. Though, another 0.5% rise to 1.85% appears to be the more likely outcome at this afternoon’s meeting according to the Westpac Banking Corp (ASX: WBC) economic team.

Oil prices sink

It could be a difficult day for energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices sank deep into the red on Monday night. According to Bloomberg, the WTI crude oil price is down 5% to US$93.66 a barrel and the Brent crude oil price has fallen 4.1% to US$99.72 a barrel. Traders were selling oil following concerns over weak Chinese factory data.

Credit Corp results

The Credit Corp Group Limited (ASX: CCP) share price will be on watch on Tuesday when the debt collector kicks off earnings season. According to a note out of Morgans, its analysts are expecting the company to report a full year net profit after tax of $96.2 million. This will be the top end of Credit Corp’s guidance range of $92 million to $97 million. Looking ahead, the broker is expecting management to guide to a net profit of $94 million to $104 million for FY 2023.

Gold price higher

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.35% to US$1,788 an ounce. A softer US dollar and weak Chinese economic data boosted demand for the precious metal.

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 positions in Westpac Banking Corporation. 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 recommended Westpac Banking Corporation. 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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