5 things to watch on the ASX 200 on Tuesday 30 May 2023

5 things to watch on the ASX 200 on Tuesday

Will the ASX 200 be able to build on yesterday's stellar gain?

James Mickleboro

Author Bio James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas. Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends. His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed. Areas of Expertise ASX shares Growth and dividend investing Broker research Interpreting company announcements Market news Portfolio strategy Long-term wealth creation Education Bachelor of Politics, Philosophy and Economics. CFA Institute Social Media LinkedIn James is the founder of Evermore Asset Management, which focuses on undercovered global stocks. Favourite Investment Quote "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett

Published May 30, 2023 6:23 am AEST

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a big gain. The benchmark index rose 0.9% to 7,217.4 points.

Will the market be able to build on this on Tuesday? Here are five things to watch:

Investor sitting in front of multiple screens watching share prices — Image source: Getty Images

ASX 200 expected to edge lower

The Australian share market looks set to edge lower this morning following a poor start to the week in Europe. According to the latest SPI futures, the ASX 200 is poised to open the day 9 points or 0.1% lower. Wall Street was closed for a public holiday but the CAC and the DAX both fell 0.2%.

Oil prices rise

Energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a decent session after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.5% to US$73.04 a barrel and the Brent crude oil price is up 0.1% to US$77.03 a barrel. News that a provisional US debt deal has been reached boosted prices.

Wesfarmers strategy day

The Wesfarmers Ltd (ASX: WES) share price will be one to watch on Tuesday. That's because this morning the conglomerate is holding its strategy day. There's also potential for the Bunnings and Kmart owner to provide the market with a trading update for FY 2023 at the event.

Gold price slips

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price fell overnight. According to CNBC, the spot gold price is down 0.1% to US$1,961.2 an ounce. Demand for the safe haven asset fell amid news of the provisional US debt deal.

Buy the IDP Education dip

The IDP Education Ltd (ASX: IEL) share price was sold off on Monday amid concerns over changes to language testing requirements for students in Canada. Goldman Sachs believes this is a buying opportunity and has retained its buy rating with a trimmed $30.60 price target. It said: "We believe IELTS will continue to command a leading market share given its status as the premier globally recognised English testing provider, backed by Cambridge and the British Council."

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