On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a disappointing fashion. The benchmark index fell 0.75% to 6,987.6 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 expected to rise on Tuesday despite a mixed start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 11 points or 0.15% higher. In late trade in the United States, the Dow Jones is down 0.2%, the S&P 500 is flat, and the NASDAQ is 0.2% higher.
Collins Foods results
The Collins Foods Ltd (ASX: CKF) share price will be on watch on Tuesday when the KFC restaurant operator releases its half-year results. Management has warned that inflation "is expected to impact margins for much of FY24." However, with its shares rising 11% since last month, the market appears to believe the impact may not be as bad as feared.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a subdued session after oil prices eased again overnight. According to Bloomberg, the WTI crude oil price is down 0.25% to US$75.36 a barrel and the Brent crude oil price is down 0.2% to US$80.43 a barrel. Disputes within OPEC over production quotas has been weighing on oil prices.
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent session after the gold price rose overnight. According to CNBC, the spot gold price is up 0.5% to US$2,013.4 an ounce. This was driven by a weaker US dollar and hopes that the US Federal Reserve may pause its hikes.
QBE shares rated as a buy
QBE Insurance Group Ltd (ASX: QBE) shares are in the buy zone according to analysts at Goldman Sachs. This morning, the broker has responded to the insurance giant's quarterly update by retaining its buy rating with an $18.34 price target. This implies a 17% upside from current levels. Goldman likes QBE because it "has the strongest exposure to the commercial rate cycle out of all our Insurers."
