5 things to watch on the ASX on Tuesday

On Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) recovered from a weak start to finish the day with a 0.35% gain to 5,808.70 points.

Investors will no doubt be hoping that the market can build on this gain and deliver more of the same on Tuesday.

Here are five things that could shape the market today:

S&P/ASX 200 set to open flat.

According to ASX futures, the benchmark S&P/ASX 200 is expected to open flat on Tuesday despite U.S. markets recovering from the sizeable declines they made on Friday. The Dow Jones Industrial Average finished the day 0.2% higher, the S&P 500 was 0.3% higher, and the Nasdaq Composite pushed 0.5% higher on Monday. They were, however, significantly higher during earlier trade.

The oil price is moving higher.

Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) will be on watch on Tuesday after global trade war fears eased once again. This led to oil prices climbing notably higher overnight. According to Bloomberg, WTI crude oil rose 2% to US$63.29 per barrel and Brent crude oil rose 2.2% to US$68.58 per barrel.

Iron ore prices are on the up.

Iron ore miners such as BHP Billiton Limited (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), Rio Tinto Limited (ASX: RIO) will be pleased to learn that the spot iron ore price for the benchmark 62% fines climbed 0.6% to US$63.95 per tonne on Monday according to Metal Bulletin. Pleasingly, iron ore futures are pointing to strong gains on Tuesday. Rebar futures rose over 2% overnight.

Myer is on the verge of naming a new CEO.

According to The Australian, Myer Holdings Ltd (ASX: MYR) is on the verge of appointing a new CEO. Although no names have been put forward, the new CEO is believed to have been a former executive of British department stores John Lewis or Marks & Spencer.

Blue Sky Alternative Investments Ltd (ASX: BLA)

The embattled investment company’s shares will be on watch on Tuesday after it emerged that Blue Sky’s largest shareholder Adcock Private Equity sold $2.9 million shares following the release of the Glaucus Research note. The Blue Sky share price is down 61% from its 52-week low.

3 Hot Shares To Buy On Tuesday

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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