On Monday, the S&P/ASX 200 Index (ASX: XJO) was a very strong performer and raced notably higher. The benchmark index rose 1.45% to 7,286.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to edge lower
The Australian share market looks to have run out of steam and is expected to edge lower on Tuesday. According to the latest SPI futures, the ASX 200 is poised to open the day 8 points or 0.1% lower. Wall Street was closed for a public holiday, but European markets charged higher on news that China is relaxing its COVID restrictions.
Crown fined
Crown Resorts Ltd (ASX: CWN) has been hit with a hefty fine from the Victorian Gambling and Casino Control Commission (VGCCC). In relation to the China UnionPay process, the VGCCC has imposed a fine of $80 million on Crown Melbourne. The VGCCC has also indicated it continues to consider "further disciplinary proceedings against Crown related to the other findings of the Royal Commission, which may each attract a fine of up to $100 million."
Oil prices charge higher
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 1.8% to US$117.17 a barrel and the Brent crude oil price has risen 1.9% to US$121.72 a barrel. Oil prices rose ahead of an EU meeting on Russian sanctions.
Gold price edges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued day after the gold price edged slightly higher overnight. According to CNBC, the spot gold price is up 0.05% to US$1,852.5 an ounce. Traders appear undecided on where gold is going next following recent US inflation data.
Appen rated neutral
The Appen Ltd (ASX: APX) share price could be fully valued according to analysts at Bell Potter. The broker has retained its hold rating and cut its price target to $6.50. Bell Potter was disappointed with Appen's trading update and has downgraded its earnings estimates for the coming years to reflect its poor performance.
