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5 things to watch on the ASX on Tuesday

On Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) finished the week with a day in the red.

Will it be able to bounce back on Tuesday? Here are five things that could impact today’s trade.

ASX futures are pointing higher.

According to the latest SPI futures, the Australian share market is expected to open the week higher on Tuesday by 0.4% or 24 points. This follows a positive night of trade on Wall Street which saw the Dow Jones Industrial Average edge higher, the S&P 500 climb 0.1%, and the NASDAQ close 0.2% higher. This built on a solid rally on Wall Street on Friday night.

President Trump to meet with Kim Jong-Un.

Later this morning the much-anticipated meeting between President Trump and Kim Jong-Un will take place on Sentosa island in Singapore. Amongst many things, the 11am EST meeting could have an impact on the gold price. If the meeting goes well then gold prices could suffer, but if the two leaders fail to hit it off, a flight to safety could potentially happen. This will make it worth keeping an eye on the likes of Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST).

Oil prices are mixed.

Energy producers Oil Search Limited (ASX: OSH) and Beach Energy Ltd (ASX: BPT) could be set for a positive day of trade after a rise in WTI crude oil prices. According to Bloomberg, the WTI crude oil price rose 0.5% to US$66.07 a barrel, whereas the Brent crude oil price has edged 0.1% lower to US$76.50 a barrel.

Local data drop.

Later today the latest business survey from National Australia Bank Ltd (ASX: NAB) will be released. The survey will reveal how confident Australian businesses and the current business conditions they face. Last month the business conditions index increased by 6 points to +21 index points, equalling its highest level since the survey began in March 1997. The business confidence index increased by 2 points to +10 index points. This was well above its historical average of 6 index points, indicating that confidence is strong.

Telstra will be on watch again.

A note out of Citi, courtesy of the AFR, reveals that its analysts have called on Telstra Corporation Ltd (ASX: TLS) to “lay out whether it is focused on long-term earnings or maximising short-term dividends at its upcoming strategy day.” Some brokers have tipped Telstra to slash its dividend at next week’s strategy day.

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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 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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