On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small decline. The benchmark index fell 0.2% to 7,139.3 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 looks set to rebound on Tuesday. This is despite relatively a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 33 points or 0.45% higher. In late trade in the United States, the Dow Jones is flat, the S&P 500 is down 0.3%, and the NASDAQ has tumbled 1%.
Pro Medicus shares downgraded
The Pro Medicus Limited (ASX: PME) share price could be fully valued according to analysts at Morgans. According to a note, the broker has downgraded the health imaging company's shares to a hold rating with a $58.18 price target. This is broadly in line with where its shares trade today. Morgans commented: "PME is expensive for a reason but given the recent rally in the share price running through our target price, we pare our recommendation back to Hold."
Oil prices fall
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued day after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.7% to US$79.50 a barrel and the Brent crude oil price has fallen 0.4% to US$87.27 a barrel. Concerns over Chinese demand weighed on prices.
Annual general meetings
There are a large number of ASX 200 companies holding their annual general meetings today. These companies could provide the market with trading updates at their respective events. Among the shares holding events are steel manufacturer BlueScope Steel Limited (ASX: BSL), building products company Brickworks Limited (ASX: BKW), iron ore miner Fortescue Metals Group Limited (ASX: FMG), and casino and resorts operator Star Entertainment Group Ltd (ASX: SGR).
Gold price drops
Gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a poor day after the gold price traded lower overnight. According to CNBC, the spot gold price is down 0.8% to US$1,739.9 an ounce. That followed a strong bounce by the US dollar.
