Image Source: Getty Images
On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with the smallest of gains. The benchmark index rose 5 points to 7,020.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to fail
The Australian share market is expected to open the day lower on Tuesday following a subdued start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 13 points or 0.2% lower. On Wall Street the Dow Jones rose 0.1%, but the S&P 500 and NASDAQ both dropped 0.1%. The latter was up as much as 1.5% at one stage.
NAB Q3 update
the National Australia Bank Ltd (ASX: NAB) share price will be on watch today when the banking giant releases its third quarter update. According to a note out of Morgan Stanley, its analysts are expecting the bank to report a quarterly cash profit of $1.8 billion. This will be a 5.9% increase on the previous corresponding period. Elsewhere, Megaport Ltd (ASX: MP1) and REA Group Limited (ASX: REA) are due to release their full year results this morning.
Oil prices rise
It could be a decent day for energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices pushed higher on Monday night. According to Bloomberg, the WTI crude oil price is up 1.8% to US$90.63 a barrel and the Brent crude oil price has risen 1.6% to US$96.746 a barrel. Positive economic data out of China and the United States boosted prices.
OZ Minerals ‘in play’
the OZ Minerals Limited (ASX: OZL) share price rocketed 35% higher yesterday after the miner received and quickly rejected a $25.00 per share takeover bid from BHP Group Ltd (ASX: BHP). However, the team at Bell Potter don’t believe this is the end of the story. It said: “[W]e expect a higher cash bid from BHP as the deal makes strategic sense and […] believe the scarcity of comparable assets in comparable jurisdictions makes the chances of a competing counter-offer reasonable.”
Gold price higher
gold miners Evolution Mining Ltd. (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.75% to US$1,804.20 an ounce. The softening of bond yields and the US dollar gave the precious metal a lift.