On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a positive note. The benchmark index rose 0.25% to 7,381.1 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 give back the majority of yesterday’s gains on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 22 points or 0.3% lower this morning. This follows a mixed night on Wall Street which in late trades sees the Dow Jones down 0.2%, the S&P 500 up 0.3%, and the Nasdaq trading 0.8% higher.
CSL R&D day
The CSL Limited (ASX: CSL) share price will be one to watch this morning when it holds its annual research and development (R&D) day. At the event, the biotherapeutics giant will provide the market with an update on the progress it is making with its current developments and is likely to unveil some new products that it is working on.
Oil prices mixed
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch following a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is up 0.2% to US$82.43 a barrel, whereas the Brent crude oil price has fallen 0.7% to US$84.25 a barrel.
Gold price softens
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could trade lower today after the gold price edged lower. According to CNBC, the spot gold price is down 0.1% to US$1,766 ounce. The safe haven asset dropped amid rising US Treasury yields.
IDP Education’s AGM
The IDP Education Ltd (ASX: IEL) share price could be on the move on Tuesday. This morning the language testing company is holding its annual general meeting and is expected to provide an update on its performance so far in FY 2022. The IDP Education share price hit a record high on Monday, so expectations are high for this update.