On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week on a positive note. The benchmark index rose 0.35% to 7,379.3 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
The Australian share market looks set to give back its gains on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.4% lower this morning. This follows a poor start to the week on Wall Street, which in late trade sees the Dow Jones down 0.7%, the S&P 500 down 0.6%, and the Nasdaq trading 0.9% lower.
Afterpay shareholders to vote on takeover
The Afterpay Ltd (ASX: APT) share price will be one to watch today when its shareholders vote on the Square takeover. Since the offer was made in August, the Square share price has collapsed. This means the value of the transaction is now less than where Afterpay shares were trading prior to the offer being made. This should make for an interesting vote today.
Oil prices fall
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a difficult day after oil prices tumbled. According to Bloomberg, the WTI crude oil price is down 0.6% to US$71.26 a barrel and the Brent crude oil price has fallen 1% to US$74.38 a barrel. Oil prices fell amid Omicron concerns.
Gold price edges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price edged higher. According to CNBC, the spot gold price is up 0.2% to US$1,787.80 an ounce. The precious metal rose amid increased demand for safe haven assets.
Altium shares downgraded
The Altium Limited (ASX: ALU) share price could come under pressure today after being downgraded by a leading broker. A note out of Bell Potter reveals that its analysts have downgraded the electronic design software company's shares to a hold rating with an improved price target of $45.00. Bell Potter made the move on valuation grounds after a strong gain over the last couple of months.
