5 things to watch on the ASX 200 on Tuesday

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with the smallest of gains. The benchmark index rose 5 points to 7,020.6 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 subdued start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 13 points or 0.2% lower. On Wall Street the Dow Jones rose 0.1%, but the S&P 500 and NASDAQ both dropped 0.1%. The latter was up as much as 1.5% at one stage.

NAB Q3 update

The National Australia Bank Ltd (ASX: NAB) share price will be on watch today when the banking giant releases its third quarter update. According to a note out of Morgan Stanley, its analysts are expecting the bank to report a quarterly cash profit of $1.8 billion. This will be a 5.9% increase on the prior corresponding period. Elsewhere, Megaport Ltd (ASX: MP1) and REA Group Limited (ASX: REA) are due to release their full year results this morning.

Oil prices rise

It could be a decent day for energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices pushed higher on Monday night. According to Bloomberg, the WTI crude oil price is up 1.8% to US$90.63 a barrel and the Brent crude oil price has risen 1.6% to US$96.746 a barrel. Positive economic data out of China and the United States boosted prices.

OZ Minerals ‘in play’

The OZ Minerals Limited (ASX: OZL) share price rocketed 35% higher yesterday after the miner received and quickly rejected a $25.00 per share takeover bid from BHP Group Ltd (ASX: BHP). However, the team at Bell Potter don’t believe this is the end of the story. It said: “[W]e expect a higher cash bid from BHP as the deal makes strategic sense and […] believe the scarcity of comparable assets in comparable jurisdictions makes the chances of a competing counter-offer reasonable.”

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 0.75% to US$1,804.20 an ounce. The softening of bond yields and the 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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More reading

• Nickel Industries share price slips on $225 million debt capital raise
• Here are the top 10 ASX 200 shares today
• Leading brokers name 3 ASX shares to buy today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Why Appen, Imugene, OZ Minerals, and Paradigm shares are charging higher

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 positions in and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO and REA Group Limited. 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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