On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week deep in the red. The benchmark index fell 1.4% to 6,667.8 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
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ASX 200 expected to rise
The Australian share market could have a better day on Tuesday despite a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 19 points or 0.3% higher. In late trade in the United States, the Dow Jones is down 0.1%, the S&P 500 is down 0.6%, and the NASDAQ has dropped 0.85%.
Oil prices fall
It could be a difficult day for energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.9% to US$90.88 a barrel and the Brent crude oil price has fallen 2% to US$95.96 a barrel. Recession fears were weighing on sentiment.
Telstra's AGM and scheme meeting
It is a big day for Telstra Corporation Ltd (ASX: TLS) on Tuesday. The telco giant is holding its annual general meeting (AGM) and scheme meeting today. The latter will see shareholders vote on a corporate restructure which could ultimately see Telstra demerge assets into a separate listing. A trading update could also be provided at its AGM.
Mineral Resources rated as a buy
The Mineral Resources Limited (ASX: MIN) share price could be heading higher according to analysts at Goldman Sachs. This morning the broker retained its buy rating with a $76.10 price target. Goldman commented: "We forecast a more than doubling of group EBITDA to over A$2.4bn in FY23 driven by higher lithium and low grade iron ore prices."
Gold price tumbles
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a tough day after the gold price tumbled overnight. According to CNBC, the spot gold price is down 2% to US$1,675.4 an ounce. The precious metal came under pressure by a strong US dollar and increasing rate hike bets.
