5 things to watch on the ASX 200 on Tuesday

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a subdued manner. The benchmark index edged 0.15% lower to 7,146.3 points.

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

ASX 200 expected to edge higher

The Australian share market looks set to edge higher on Tuesday following a decent start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 2 points higher. In late trade in the United States, the Dow Jones is up 0.45%, the S&P 500 is up 0.3%, and the NASDAQ has edged 0.1% higher.

CBA Q1 update

The Commonwealth Bank of Australia (ASX: CBA) share price will be in focus today when Australia’s largest bank releases its first quarter update. Analysts at Citi commented: “Our 1Q23 cash earnings forecast is in-line with consensus, and we forecast a quarterly NIM of 1.96%, ~9bps ahead of 2H22. At the core earnings line, we expect ~6% core earnings growth in 1Q23 vs the 2H22 average.”

Oil prices fall

Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a difficult day after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 3.4% to US$86.00 a barrel and the Brent crude oil price has fallen 2.75% to US$93.33 a barrel. A strong US dollar and a surge in COVID cases in China weighed on prices.

NAB goes ex-dividend

The National Australia Bank Ltd (ASX: NAB) share price is likely to trade lower today when the banking giant’s shares go ex-dividend for its final dividend. Last week, NAB released its full year results and declared a fully franked 78 cents per share fully franked final dividend. This will now be paid to eligible shareholders on 14 December.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a positive day after the gold price traded higher overnight. According to CNBC, the spot gold price is up 0.4% to US$1,776.6 an ounce. That was despite the US Federal Reserve warning that it was not softening its fight against inflation.

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

• Looking to buy CBA shares? Here’s what to watch in Tuesday’s update
• Hoping to bag the next NAB dividend? You’d better get in quick
• Are ASX share investors getting their mojo back?
• 5 things to watch on the ASX 200 on Monday
• Analysts say these high yield ASX dividend shares are buys

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 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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