On Monday the S&P/ASX 200 Index (ASX: XJO) finished the day with a late surge into positive territory. The benchmark index rose 0.2% to 7,425.2 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 edge lower on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.3% lower this morning. This is despite US markets starting the week on a positive note. On Wall Street the Dow Jones rose 0.75% and the S&P 500 climbed 0.25%, but the Nasdaq dropped 0.1%.
Iron ore price tumbles
It could be a difficult day for mining giants BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) after the iron ore price pulled back further. According to Metal Bulletin, the spot iron ore price has fallen 4.5% to US$123.84 a tonne. The steel making ingredient continues to slide amid steel production curbs in China.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a good day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.3% to US$70.63 a barrel and the Brent crude oil price has risen 1% to US$73.64 a barrel. US supply concerns boosted prices to a one-week high.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price edged higher. According to CNBC, the spot gold price is up 0.15% to US$1,794.7 an ounce. Weaker bond yields were behind the gold price rise.
Shares going ex-dividend
Another group of ASX 200 shares are going ex-dividend on Tuesday and could trade lower. This includes appliance manufacturer Breville Group Ltd (ASX: BRG), poultry company Inghams Group Ltd (ASX: IGO), media giant News Corp (ASX: NWS), and telco TPG Telecom Ltd (ASX: TPG).
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
- 3 excellent ASX share ideas for investors this week
- ASX 200 up, Sydney Airport flies, Nuix rises
- Is worst over for ASX gold shares as Macquarie upgrades sector?
- Here are the 3 heaviest trading ASX 200 shares on Monday
- Fortescue (ASX:FMG) shares bounce off 9-month low as iron ore sell-off continues
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 TPG Telecom Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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