5 things to watch on the ASX 200 on Tuesday

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decline. The benchmark index fell 0.4% to 7,614.9 points.

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

ASX 200 expected to rebound

The Australian share market is expected to rebound on Tuesday despite a mixed start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 28 points or 0.4% higher. In late trade in the United States, the Dow Jones is up 0.3%, the S&P 500 is flat, and the NASDAQ is down 0.3%.

CSL results

CSL Ltd (ASX: CSL) shares will be on watch today when the biotechnology company releases its half year results. A strong result is expected by the market. Morgans commented: “FY24 guidance suggests solid 1H. FY24 constant currency guidance calls for NPATA US$2.9-3bn (13-17%) on 9-11% revenue growth, with operating efficiency improving, B/S leverage declining (2x ND/EBITDA) and ROIC “steadily improving” over time.”

Oil prices soften

ASX 200 energy shares including Woodside Energy Group Ltd (ASX: WDS) and Karoon Energy Ltd (ASX: KAR) could have a subdued session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.25% to US$76.64 a barrel and the Brent crude oil price is down 0.5% to US$81.77 a barrel. Traders appear to have been taking profit after recent gains.

Beach named as a buy

Bell Potter thinks investors should be buying Beach Energy Ltd (ASX: BPT) shares following the release of its half year results. This morning, the broker has retained its buy rating with a $1.90 price target. It said: “BPT has a strong, fully funded production growth outlook, diversified across five energy basins and across four separate gas markets. […] With a positive view on Australian east coast gas and LNG markets, and strong earnings growth outlook, we maintain a Buy recommendation.”

Gold price eases

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could fall today after the gold price eased overnight. According to CNBC, the spot gold price is down 0.2% to US$2,035.1 an ounce. Traders were selling gold ahead of the release of inflation data in the United States.

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

• Here are the top 10 ASX 200 shares today
• CSL shares could pop 9% on surprising results if history repeats itself
• Why the CBA dividend fountain will be in focus this week
• Why CSL, Fletcher Building, Skycity, and Wildcat shares are falling today
• Why Audinate, Beach Energy, Calix, and JB Hi-Fi shares are charging higher

Motley Fool contributor James Mickleboro has positions in CSL and Woodside Energy Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL and Goldman Sachs Group. The Motley Fool Australia has recommended CSL. 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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