On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a very positive note. The benchmark index finished the day 1.35% higher at 7,491.4 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 expected to fall
It looks set to be a tough day of trade for the Australian share market on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.3% lower this morning. This follows a subdued start to the week on Wall Street, which saw the Dow Jones fall 0.3%, the S&P 500 drop 0.2%, and the Nasdaq edge slightly higher. The RBA meeting this afternoon could also have an impact on the market late on.
Afterpay share price on watch
The Afterpay Ltd (ASX: APT) share price will be on watch on Tuesday after Wall Street investors responded positively to Square's takeover plans. Given that the US payments giant has offered 0.375 Square shares per Afterpay share, a rising Square share price is good news for Afterpay shareholders. The Square share price closed Monday at US$272.38. This means its offer price now equates to A$138.78 per share. This compares to the original implied offer price of A$126.21 per Afterpay share.
Oil prices sink
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could come under pressure today after oil prices sank notably lower. According to Bloomberg, the WTI crude oil price is down 3.4% to US$71.42 a barrel and the Brent crude oil price has fallen 3.1% to US$73.07 a barrel. Concerns over the Chinese economy weighed on prices.
Gold price largely flat
It could be a subdued day for gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) after the gold price traded largely flat. According to CNBC, the spot gold price is down slightly to US$1,816.3 an ounce.
Credit Corp results
The Credit Corp Group Limited (ASX: CCP) share price will be on watch today when it releases its full year results. According to a note out of Morgans, its analysts expect the debt collector's FY 2021 profit to be at the top end of the guidance range of $85 million to $90 million. The broker has an add rating and $33.45 price target on its shares.
