On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a positive note. The benchmark index rose 0.6% to 7,384.2 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 is expected to fall on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 43 points or 0.6% lower. This follows a mixed start to the week on Wall Street. The Dow Jones rose 0.2%, the S&P 500 fell 0.3%, and the Nasdaq dropped 0.5%.
Iron ore price continues rebound
Mining giants BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) could have a decent day after iron ore prices continued to rebound. According to Metal Bulletin, the spot iron ore price has risen 7.2% to US$119.31 a tonne.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could push higher today after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 2% to US$75.44 a barrel and the Brent crude oil price has risen 1.7% to US$79.41 a barrel. Supply constraints are supporting oil prices. In other news, Beach announced a deal with BP after the market close on Monday.
Gold price softens
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price softened. According to CNBC, the spot gold price is down 0.1% to US$1,750.4 an ounce. The precious metal fell due to a stronger dollar and higher bond yields.
Dividends being paid
It is pay day for the shareholders of a number of ASX 200 shares. Paying their dividends today are the likes of Altium Limited (ASX: ALU), Amcor CDI (ASX: AMC), Coles Group Ltd (ASX: COL), and Evolution Mining.