On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a very positive fashion. The benchmark index rose 1.5% to 6,779.4 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to rise strongly today after a great start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 40 points or 0.6% higher. In late trade in the United States, the Dow Jones is up 1.5%, the S&P 500 is up 1.4%, and the NASDAQ is 1.1% higher.
Oil prices edge lower
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch today after a soft night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.3% to US$84.76 a barrel and the Brent crude oil price has edged 0.1% lower to US$93.47 a barrel. Weak Chinese demand data weighed on prices.
Pilbara Minerals update
The Pilbara Minerals Ltd (ASX: PLS) share price will be one to watch today when the lithium giant releases its quarterly update. Sky high lithium prices are expected to have led to another very strong quarter for the company. Though, the market will be looking to see if its margins are being impacted by cost inflation.
Treasury Wine upgraded to buy
The Treasury Wine Estates Ltd (ASX: TWE) share price could be great value according to analysts at Goldman Sachs. This morning the broker has upgraded the wine giantâs shares to a buy rating with a $14.70 price target. Goldman notes that its analysts ânow expect the company to deliver ~16% NPAT 2022-25e CAGR.â
Gold price flat
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued day after the gold price traded flat overnight. According to CNBC, the spot gold price is fetching US$1,656.2 an ounce. A strong US dollar and rising treasury yields have lessened its appeal.
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
- Guess which ASX 200 directors bought $4m worth of their company shares last week
- Here are the top 10 ASX 200 shares today
- Why did ASX 200 gold shares have such a top run today?
- ASX 200 bank shares have had a stellar month. Hereâs why this expert is now worried
- 3 ASX mining shares going nuts on new discoveries
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 recommended Treasury Wine Estates 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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