On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with another decline. The benchmark index fell 0.8% to 6,844.1 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 again
The Australian share market is set to fall on Tuesday following a mixed start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 15 points or 0.2% lower. In late trade in the United States, the Dow Jones is down 0.5%, the S&P 500 is down 0.1%, and the NASDAQ is up 0.4%.
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 dropped overnight. According to Bloomberg, the WTI crude oil price is down 2.45% to US$85.92 a barrel and the Brent crude oil price is down 2.15% to US$90.18 a barrel. Easing supply concerns in the Middle East put pressure on prices.
South32 rated neutral
Analysts at Goldman Sachs have retained their neutral rating on South32 Ltd (ASX: S32) shares with a $3.20 price target following the release of the miner's first quarter update. The broker said: "Fairly valued vs peers: trading at ~0.9xNAV (A$3.63/sh) vs. peers RIO/BHP at 0.85x/0.95x NAV and on NTM EV/EBITDA multiple of 5.2x vs. the sector average of ~5.0x and on TSR of 1% vs RIO and BHP on 19% and 12%."
Gold price falls
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a soft session after the gold price fell overnight. According to CNBC, the spot gold price is down 0.5% to US$1,984.8 an ounce. Traders appear to have been taking profit after some strong gains.
Bendigo Bank AGM
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price will be on watch today. That's because the regional bank is holding its annual general meeting on Tuesday and could provide an update on its performance at the event. Ansell Limited (ASX: ANN) and Kelsian Group Ltd (ASX: KLS) are also holding their events today.
