On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a subdued fashion. The benchmark index fell slightly to 7,298.5 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 fall
The Australian share market looks set to fall on Tuesday despite a positive start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 18 points or 0.25% lower. On Wall Street, the Dow Jones was up 0.2%, the S&P 500 rose 0.4%, and the NASDAQ climbed 0.9%.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a tough session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.7% to US$74.12 a barrel and the Brent crude oil price is down 1.8% to US$78.45 a barrel. Weak Chinese economic data spooked the market.
CSL shares on watch
CSL Limited (ASX: CSL) shares will be on watch on Tuesday after one of its rivals announced positive trial results. The Argenx share price rocketed on Wall Street overnight after reporting stronger-than-expected top-line data from its ADHERE study. This was evaluating Vyvgart (first-in-class FcRn inhibitor) for safety and efficacy in the treatment of chronic immune demyelinating polyneuropathy (CIDP), which is the indication responsible for 25%-35% of immunoglobulins demand, according to Goldman Sachs.
Gold price lower
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a poor session after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.3% to US$1,958.6 an ounce. Traders appear unsure whether interest rates are still going higher despite cooling inflation.
Metcash goes ex-dividend
Metcash Limited (ASX: MTS) shares are due to go ex-dividend this morning and could trade lower. Last month, this wholesale distributor released its full-year results and declared an 11 cents per share fully franked final dividend. Eligible shareholders can look forward to receiving this on 21 August.
