On Monday the S&P/ASX 200 index started the week on a positive note after fighting back from a morning in the red. The index finished 0.2% higher at 6,665.4 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX expected to open lower.
The Australian share market looks set to open the day lower on Tuesday. According to the latest SPI futures, the ASX 200 index is poised to open 13 points or 0.2% lower following a disappointing start to the week in the United States. On Wall Street the Dow Jones was flat, the S&P 500 dropped 0.2%, and the Nasdaq fell 0.3%.
Tech shares on watch.
A soft start to the week for the technology-focused Nasdaq index could weigh on the shares of Appen Ltd (ASX: APX), WiseTech Global Ltd (ASX: WTC), and the rest of the local tech sector this morning. Investors appear slightly nervous ahead of talks between President Donald Trump and Chinese President Xi Jinping at this week’s G-20 summit.
Oil prices mixed.
Australian energy producers Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch this morning after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price rose 0.7% to US$57.82 a barrel and the Brent crude oil price dropped 0.55% to US$64.85 a barrel.
Gold price charges higher.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could be on the rise on Tuesday after the gold price rose to a fresh multi-year high. According to CNBC, the spot gold price climbed a further 1.6% to US$1,423.0 an ounce.
The Austal Limited (ASX: ASB) share price will be one to watch this morning after a late announcement out of the shipbuilder on Monday. According to the release, the company delivered the third Guardian Class Patrol Boat to the Australian Department of Defence. The vessel has been gifted to the Government of Tonga.
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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 WiseTech Global. 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.