On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a positive note. The benchmark index rose 0.6% to 6,880.7 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to end its positive run on Tuesday. According to the latest SPI futures, the benchmark index is poised to fall 21 points or 0.3% at the open. This is despite stocks on Wall Street performing positively overnight. In late the Dow Jones is up 0.45%, the S&P 500 is up 0.35%, and the Nasdaq is trading 0.5% higher.
Macquarie third quarter update
The Macquarie Group Ltd (ASX: MQG) share price will be on watch this morning when it releases its third quarter update. According to a note out of Morgan Stanley, it is expecting the investment bank to reveal a result broadly in line with the prior corresponding period. Looking ahead, the broker believes the company is well-positioned to deliver a full year result ahead of the market consensus.
Oil prices push higher
It could be another positive day for energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) after oil prices pushed higher again. According to Bloomberg, the WTI crude oil price is up 1.6% to US$57.73 a barrel and the Brent crude oil price is up 1.6% to US$60.27 a barrel. Oil prices pushed higher on supply cuts and stimulus hopes.
Gold price climbs higher
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could be on the rise today after the gold price pushed higher again. According to CNBC, the spot gold price is up 1.1% to US$1,832.50 an ounce. This was driven by hopes of a large US stimulus package being announced.
Suncorp half year results
The Suncorp Group Ltd (ASX: SUN) share price will be one to watch when it reports its half year results this morning. According to a note out of Morgans, it is expecting the banking and insurance giant to report a 4% decline in first half cash profit to $350 million. The broker is forecasting a 17 cents per share fully franked interim dividend.
