5 things to watch on the ASX on Tuesday

On Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a solid start to the week and finished the day 0.3% higher at 6,135.3 points.

Will the market be able to build on this on Tuesday? Here are five things that could shape the day’s trade:

ASX futures are pointing higher again.

According to the latest SPI futures, the Australian share market is expected to open the day 2 points higher following a mixed night of trade in U.S. markets. The Dow Jones ended the day 0.3% higher, the S&P 500 was up 0.1%, and the Nasdaq ended 0.1% higher.

Oil prices rebound.

Energy producers BHP Billiton Limited (ASX: BHP) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices rebounded strongly after a spot of weakness. According to Bloomberg, WTI crude oil climbed 0.6% to US$71.11 a barrel and Brent crude oil rose 1.7% to US$78.43 a barrel. Overnight OPEC lifted its forecast for global oil demand growth this year.

Reserve Bank minutes.

The minutes from the latest Reserve Bank of Australia meeting will be released later this morning. Although there is unlikely to be any bombshells in the minutes, the market will be looking out for any change in rhetoric around Australian wage growth. In addition to this, deputy governor Guy Debelle is due to give a speech this morning.

NAB shares go ex-dividend.

The shares of National Australia Bank Ltd (ASX: NAB) are likely to sink into the red this morning after going ex-dividend for the bank’s 99 cents per share fully franked interim dividend. Eligible shareholders will receive this dividend in their nominated account on July 5. Eligible shareholders of Premier Investments Limited (ASX: PMV) are due to be paid the retail conglomerate’s interim dividend today.

Telstra shares will be on watch.

Telco giant Telstra Corporation Ltd (ASX: TLS) will be on watch on Tuesday after Monday’s 5% slide. According to a note out of Goldman Sachs, the broker has reduced its earnings forecasts in light of yesterday’s update but still sees a lot of value in the company’s shares. It has a buy rating and reduced price target of $3.90 on its shares.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited and Telstra Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. 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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