On Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) started the week on a positive note with a 0.5% gain to 5,891.2 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX futures pointing higher.
The ASX 200 looks set to make it two consecutive days of gains on Tuesday. According to the latest SPI futures, the benchmark index is expected to open the day 0.5% or 29 points higher this morning. This follows the release of the Royal Commission final report and a positive night of trade on Wall Street. Late in the U.S. session the Dow Jones is up 0.4%, the S&P 500 has climbed 0.5%, and the Nasdaq has pushed 1% higher.
Bank shares will be on watch.
Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd (ASX: NAB), and the rest of the big four will be on watch today following the release of the Royal Commission final report. The general consensus appears to be that the report wasn’t as bad as it could have been, which may mean the buyers return to the banks this morning.
Oil prices slide.
Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) shares could come under a spot of pressure on Tuesday after oil prices edged lower. According to Bloomberg, the WTI crude oil price is down 1.3% to US$54.56 a barrel and the Brent crude oil price is down 0.3% to US$62.54 a barrel.
Reserve Bank meeting.
This afternoon the Reserve Bank of Australia will meet for the first time in 2019. The central bank will almost certainly keep rates on hold at the record low of 1.5% for yet another month. Investors will be listening for signs that the Reserve Bank still believes the next move with rates is higher.
Goldman upgrades Scentre.
The Scentre Group (ASX: SCG) share price could be on the rise today after a note out of Goldman Sachs revealed that its analysts have upgraded the retail real estate investment trust’s units to a buy rating with an increased price target of $4.75. Goldman likes Scentre as it generates a far stronger return on incremental capital deployed than peers.
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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 National Australia Bank Limited. The Motley Fool Australia has recommended Scentre Group. 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.