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 day in the red. The benchmark index fell 0.95% to7,046.9 points.

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

ASX 200 expected to sink again

The Australian share market is expected to open the day sharply lower on Tuesday following a disappointing start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 50 points or 0.7% lower. On Wall Street the Dow Jones fell 1.9%, the S&P 500 dropped 2.1%, and the NASDAQ was down 2.55%. Global recession fears sent investors to the exits.

Altium smashes expectations

The Altium Limited (ASX: ALU) share price will be on watch on Tuesday after the electronic design software company’s full year results smashed expectations. Altium was guiding to revenue of US$213 million to US$217 million with an EBITDA margin at the lower end of 34% to 36%. Whereas it delivered revenue of US$220.8 million and an EBITDA margin of 36.7%. This led to its profit after tax coming in at US$55.5 million, which was well ahead of consensus estimates.

Oil prices volatile

It could be an interesting day for energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after a very volatile night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.1% to US$90.67 a barrel and the Brent crude oil price is up 0.1% to US$96.82 a barrel. Global recession concerns sent prices deep into the red before OPEC caused a rebound by suggesting that production cuts were a possibility.

Pilbara Minerals results

The Pilbara Minerals Ltd (ASX: PLS) share price will be in focus today when the lithium miner releases its full year results. With lithium prices charging higher in FY 2022, a strong profit result is expected from the miner. Citi, for example, is forecasting EBITDA of $840 million for FY 2022. This is up from just $21.4 million a year earlier.

Gold price falls

It could be a difficult day for gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.8% to US$1,749.0 an ounce. A strong rally by the US dollar has weighed on 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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More reading

• Pilbara Minerals share price jumped today as Macquarie tips 80% upside
• Why did the Lynas share price lose 5% on Monday?
• Why did the Liontown share price beat the ASX 200 today?
• Altium share price on watch after smashing guidance in FY22
• Here are the top 10 ASX 200 shares today

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 Altium. The Motley Fool Australia has no position in any of the stocks mentioned. 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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