On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decline. The benchmark index fell 0.4% to 7,614.9 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 rebound
The Australian share market is expected to rebound 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 28 points or 0.4% higher. In late trade in the United States, the Dow Jones is up 0.3%, the S&P 500 is flat, and the NASDAQ is down 0.3%.
CSL results
CSL Ltd (ASX: CSL) shares will be on watch today when the biotechnology company releases its half year results. A strong result is expected by the market. Morgans commented: "FY24 guidance suggests solid 1H. FY24 constant currency guidance calls for NPATA US$2.9-3bn (13-17%) on 9-11% revenue growth, with operating efficiency improving, B/S leverage declining (2x ND/EBITDA) and ROIC "steadily improving" over time."
Oil prices soften
ASX 200 energy shares including Woodside Energy Group Ltd (ASX: WDS) and Karoon Energy Ltd (ASX: KAR) could have a subdued session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.25% to US$76.64 a barrel and the Brent crude oil price is down 0.5% to US$81.77 a barrel. Traders appear to have been taking profit after recent gains.
Beach named as a buy
Bell Potter thinks investors should be buying Beach Energy Ltd (ASX: BPT) shares following the release of its half year results. This morning, the broker has retained its buy rating with a $1.90 price target. It said: "BPT has a strong, fully funded production growth outlook, diversified across five energy basins and across four separate gas markets. […] With a positive view on Australian east coast gas and LNG markets, and strong earnings growth outlook, we maintain a Buy recommendation."
Gold price eases
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could fall today after the gold price eased overnight. According to CNBC, the spot gold price is down 0.2% to US$2,035.1 an ounce. Traders were selling gold ahead of the release of inflation data in the United States.
