On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a disappointing fashion. The benchmark index fell 0.45% to 7,115.5 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 rise
The Australian share market is set to rebound on Tuesday following a positive start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 19 points or 0.3% higher. On Wall Street, the Dow Jones was down 0.1%, but the S&P 500 rose 0.7% and the NASDAQ climbed 1.6%.
Oil prices fall
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a poor session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.55% to US$80.81 a barrel and the Brent crude oil price is down 0.45% to US$84.43 a barrel. Demand concerns have been weighing on prices.
BHP FY 2023 results
BHP Group Ltd (ASX: BHP) shares will be on watch this morning when the mining giant releases its FY 2023 results. According to consensus estimates, the Big Australian is expected to post a 16.5% decline in revenue to US$54,363 million and a 20% fall in EBITDA to US$28,072 million. The market believes this will allow the miner to reward its shareholders with an FY 2023 dividend of US$1.72 (A$2.68) per share.
Gold price rises
ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.4% to US$1,923.6 an ounce. Traders appear to believe that gold was oversold after hitting a five-month low.
Westpac rated neutral
The Westpac Banking Corp (ASX: WBC) share price is fair value according to analysts at Goldman Sachs. In response to the bank's third-quarter update, the broker has retained its neutral rating with a trimmed price target of $22.57. Goldman said: "3Q23 trading update: expense performance even weaker than we had expected."
