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 small decline. The benchmark index fell 0.2% to 7,417.8 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 looks set to rise on Tuesday following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 40 points or 0.55% higher. In late trade in the United States, the Dow Jones is up 0.9%, the S&P 500 is up 1%, and the NASDAQ is up 1.4%.

Oil prices rise

Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.5% to US$80.16 a barrel and the Brent crude oil price is up 0.25% to US$86.63 a barrel. Russia’s plan to cut production has continued to give oil prices a boost.

CSL half-year result

The CSL Limited (ASX: CSL) share price will be one to watch on Tuesday when the biotherapeutics giant releases its eagerly anticipated half year results. According to CommSec, the market is expecting a net profit after tax of US$1.6 billion and an interim dividend of US$1.12 per share. Investors may also want to pay attention to commentary around plasma collections.

Gold price falls

It could be a tough day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price fell overnight. According to CNBC, the spot gold price is down 0.5% to US$1,865.5 an ounce. Strengthening bond yields weighed on the safe haven asset.

Short squeeze coming for Breville shares?

The Breville Group Ltd (ASX: BRG) share price will be one to watch closely today. The appliance manufacturer is releasing its half year results and has been tipped as a company that could potentially surprise positively by Goldman Sachs. The broker commented: “We expect 1H23 results to offer a positive surprise vs. the Street. As a result, any short covering driven by such outperformance could push the stock higher.” It expects first half sales growth of 6.2% and EBIT growth of 6.8%.

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

• Why are ASX 200 energy stocks like Woodside having such a stellar start to the week?
• Even Joe Biden sees a lengthy future for ASX 200 oil stocks
• How I’d generate a $10,000 second income from CSL shares
• Beach Energy share price gains as dividend doubled
• 5 ASX 200 shares I would buy if I was starting from scratch: expert

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