On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small decline. The benchmark index dropped 0.1% to 7,447.1 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to tumble on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 43 points or 0.6% lower this morning. This follows a poor start to the week on Wall Street, which in late trades sees the Dow Jones down 0.7%, the S&P 500 down 0.7%, and the Nasdaq trading 0.75% lower.
Ramsay signs NHS agreement
The Ramsay Health Care Limited (ASX: RHC) share price will be on watch today after it reached an agreement relating to a new volume-based agreement with NHS England (NHSE). The deal will see Ramsay make its services available to the NHSE and its patients to meet the ongoing demands resulting from the COVID-19 pandemic.
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 dropped. According to Bloomberg, the WTI crude oil price is down 0.6% to US$78.45 a barrel and the Brent crude oil price has fallen 0.75% to US$81.14 a barrel. Oil prices fell due to 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 0.1% to US$1,799.70 an ounce. Traders appear to have been buying the precious metal amid the weakness in equities.
The Platinum Asset Management Ltd (ASX: PTM) share price will be one to watch today following the release of its latest funds under management update. Unfortunately, the fund manager had a tough month and recorded net outflows of approximately $168 million in December. This left it with funds under management of $22,006 million.