On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small decline. The benchmark index fell 0.25% to 7,539 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to edge ever so slightly higher on Tuesday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 1 point higher. In late trade in the United States, the Dow Jones is down 0.1%, the S&P 500 is down 0.55%, and the NASDAQ is down 0.85%.
Oil prices rise
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.9% to US$74.05 a barrel and the Brent crude oil price is up 1.25% to US$80.92 a barrel. Traders appear to believe oil prices were oversold after dropping 8% last week.
RBA meeting
All eyes will be on the Reserve Bank of Australia this afternoon when the central bank makes its cash rate decision. According to the latest cash rate futures, there's a 80% probability that the RBA will lift the cash rate by 25 basis points to 3.35%. Anything more than this could spook investors and put pressure on the ASX 200 index.
Gold price rises
It could be a better day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price rose overnight. According to CNBC, the spot gold price is up 0.4% to US$1,884.3 an ounce. Economic growth concerns boosted demand for the safe haven asset.
Transurban results
The Transurban Group (ASX: TCL) share price will be one to watch this morning. That's because the toll road giant is scheduled to release its half year results today, with the market expecting a net profit after tax of $144.7 million and an interim dividend of 26 cents per share.
