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5 things to watch on the ASX on Tuesday

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a strong start to the week and finished the day 0.35% higher on Monday.

Will the local market be able to build on this on Tuesday? Here are five things to watch:

ASX expected to open higher.

According to the latest SPI futures, the Australian share market is expected to open the day 0.4% or 26 points higher on Tuesday. This follows a strong night of trade on Wall Street which saw the S&P 500 and Nasdaq reach all-time highs. The Dow Jones rose 1%, the S&P 500 climbed 0.8%, and the Nasdaq pushed 0.9% higher. The catalyst for this was news that the U.S. and Mexico have signed a trade deal.

Oil prices push higher.

Energy shares such as Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) could be given a lift today after oil prices continued to push higher. According to Bloomberg, the WTI crude oil price has risen 0.3% to US$68.94 a barrel and the Brent crude oil price has jumped almost 0.7% to US$76.33 a barrel.

Appen half year results.

The Appen Ltd (ASX: APX) half year results are due to be released today. Expectations certainly are high for the global provider of data for the artificial intelligence market and all eyes will be on its guidance for the full year. Earlier this year the company stated that it expects to deliver full year underlying EBITDA at the upper end of its $50 million to $55 million guidance range. I believe this could be upgraded in light of the weakening Australian dollar.

Dicker Data results.

The shares of dividend favourite Dicker Data Ltd (ASX: DDR) will be on watch on Tuesday after the release of its half year results after the market closed on Monday. For the six months ended June 30, Dicker Data posted a 13.5% increase in revenue to $717.6 million and an 11.9% lift in operating profit before tax to $21.75 million. Management advised that it expects to achieve its full year guidance.

Other results.

Health supplements company Blackmores Limited (ASX: BKL) and fuel retailer Caltex Australia Limited (ASX: CTX) are also scheduled to release their respective results on Tuesday. Judging by the selloff of Blackmores’ shares before Monday’s close, some investors appear to be concerned that it could release a soft result today.

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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 Blackmores Limited and Dicker Data Limited. The Motley Fool Australia owns shares of Appen Ltd. 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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