On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week (and year) with a small decline. The benchmark index fell 0.3% to 7,590.8 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to open flat
The Australian share market looks set for a subdued session on Tuesday following a poor session on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day flat this morning. On Wall Street, the Dow Jones was down 0.05%, the S&P 500 fell 0.3%, and the Nasdaq dropped 0.55%.
Oil prices soften
It could also be a subdued session for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices softened on Friday night. According to Bloomberg, the WTI crude oil price was down 0.2% to US$71.65 a barrel and the Brent crude oil price is down 0.15% to US$77.04 a barrel. Easing Red Sea concerns weighed on prices.
Lithium shares on watch
Arcadium Lithium (ASX: LTM), Core Lithium Ltd (ASX: CXO), and Pilbara Minerals Ltd (ASX: PLS) shares could come under pressure today after their NYSE-listed peers fell on Friday. The likes of Albemarle and Sociedad Quimica y Minera de Chile dropped around 3% during the session.
Gold price drops
ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a soft session on Tuesday after the gold price ended last week in the red. According to CNBC, the spot gold price was down 0.55% to US$2,071.8 an ounce. This couldn't stop the precious metal from ending its two-year losing streak.
Insurers on watch
Insurance giants Insurance Australia Group Ltd (ASX: IAG) and QBE Insurance Group Ltd (ASX: QBE) were given some good news since the market close. Commenting on a note published by Guy Carpenter on the expected outcome of 2024 reinsurance renewals, Goldman said: "We suspect this commentary broadly aligns with expectations in the lead up to renewals for IAG/QBE."
