On Thursday, the S&P/ASX 200 Index (ASX: XJO) ended the week on a very positive note. The benchmark index jumped 1% to 7,896.9 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 to open flat
The Australian share market looks set to for a subdued day following a mixed couple of sessions on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day flat. On Thursday, Wall Street charged higher but overnight it has given back some of these gains with a disappointing start to the week. The Dow Jones is currently down 0.7%, the S&P 500 is down 0.3%, and the Nasdaq has edged slightly lower.
Oil prices fall
ASX 200 energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a good start to the week after oil prices rose again on Monday night. According to Bloomberg, the WTI crude oil price is up 0.85% to US$83.87 a barrel and the Brent crude oil price is up 0.6% to US$87.55 a barrel. Middle East tensions gave oil prices a boost. It is also worth noting that oil prices were higher on Thursday night before the Easter break.
China lifts wine tariffs
The Treasury Wine Estates Ltd (ASX: TWE) share price will be on watch on Tuesday after China announced that it will remove tariffs from Australian wine. The company's CEO, Tim Ford, commented: "Today's announcement is a significant positive not only for Treasury Wine Estates, but also for the Australian wine industry and wine consumers in China."
Gold price rises again
ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a great start to the week after the gold price charged higher. According to CNBC, the spot gold price is up 1% to US$2,261.9 an ounce. The precious metal hit a record high after US economic data supported interest rate cuts.
BHP and Rio Tinto on watch
BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) shares will be on watch on Tuesday after iron ore prices tumbled deep into the red on Monday. The benchmark iron ore price dropped over 4% to a 10-month low of US$96.70 a tonne amid concerns over demand from China due to its ongoing property downturn.
