5 things to watch on the ASX 200 on Tuesday

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week deep in the red. The benchmark index fell 1.4% to 6,667.8 points.

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

ASX 200 expected to rise

The Australian share market could have a better day on Tuesday despite a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 19 points or 0.3% higher. In late trade in the United States, the Dow Jones is down 0.1%, the S&P 500 is down 0.6%, and the NASDAQ has dropped 0.85%.

Oil prices fall

It could be a difficult day for energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.9% to US$90.88 a barrel and the Brent crude oil price has fallen 2% to US$95.96 a barrel. Recession fears were weighing on sentiment.

Telstra’s AGM and scheme meeting

It is a big day for Telstra Corporation Ltd (ASX: TLS) on Tuesday. The telco giant is holding its annual general meeting (AGM) and scheme meeting today. The latter will see shareholders vote on a corporate restructure which could ultimately see Telstra demerge assets into a separate listing. A trading update could also be provided at its AGM.

Mineral Resources rated as a buy

The Mineral Resources Limited (ASX: MIN) share price could be heading higher according to analysts at Goldman Sachs. This morning the broker retained its buy rating with a $76.10 price target. Goldman commented: “We forecast a more than doubling of group EBITDA to over A$2.4bn in FY23 driven by higher lithium and low grade iron ore prices.”

Gold price tumbles

Gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a tough day after the gold price tumbled overnight. According to CNBC, the spot gold price is down 2% to US$1,675.4 an ounce. The precious metal came under pressure by a strong US dollar and increasing rate hike bets.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

.

More reading

• Here are the top 10 ASX 200 shares today
• Can the Macquarie share price crack the $200 mark again?
• This ASX 200 company has just been hit by its own Optus-style cyber attack. Here’s the latest.
• Share market sell-off: 3 top ASX shares to buy now
• Expert tips this ASX 200 mining company to grow earnings by 80% in the next 2 years

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 positions in and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/5xoLZbU