On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a subdued note. The benchmark index fell 0.2% to 7,281.9 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
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ASX 200 futures flat
The Australian share market looks set to have another subdued day on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day flat. This follows a mixed start to the week on Wall Street, which saw the Dow Jones fall 0.35%, the S&P 500 drop 0.1%, and the Nasdaq push 0.5% higher.
Oil prices drop
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could come under pressure after oil prices dropped lower. According to Bloomberg, the WTI crude oil price is down 0.55% to US$69.23 a barrel and the Brent crude oil price has fallen 0.55% to US$71.49 a barrel. Oil prices came under pressure after Chinese data revealed weak import volumes during May.
Carsales completes retail entitlement offer
The Carsales.Com Ltd (ASX: CAR) share price will be on watch after announcing the completion of its retail entitlement offer. The auto listings company has raised gross proceeds of approximately $172 million as part of a wider $600 million fully underwritten pro-rata accelerated renounceable entitlement offer. These funds will be used to acquire a 49% interest in US-based Trader Interactive.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a positive day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.55% to US$1,902.60 an ounce. A softening US dollar gave the precious metal a boost.
NAB rated as a buy
The National Australia Bank Ltd (ASX: NAB) share price remains in the buy zone according to analysts at Goldman Sachs. It has retained its buy rating and $29.97 price target on the bank's shares. This follows news that AUSTRAC is investigating the bank for "potential serious and ongoing non-compliance" with customer identification procedures and ongoing customer due diligence. Goldman notes that this was previously disclosed in the bank's contingent liabilities disclosure.
