On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index edged 0.1% higher to 7,980.4 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market is expected to rise again on Tuesday following a positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 39 points or 0.5% higher. On Wall Street, the Dow Jones was up 0.6%, the S&P 500 rose 1%, and the Nasdaq jumped 1.4%. This was the latter's eighth positive session in a row.
ANZ Q3 update
ANZ Group Holdings Ltd (ASX: ANZ) shares will be on watch this morning when it becomes the final big four bank to report this earnings season. With the rest of the big four delivering strong results, expectations are high for ANZ this morning. All eyes will be on the bank's net interest margin, asset quality, and profits.
Oil prices slump
It may be a tough session for ASX 200 energy shares including Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices slumped overnight. According to Bloomberg, the WTI crude oil price is down 2.9% to US$74.42 a barrel and the Brent crude oil price is down 2.4% to US$77.81 a barrel. Easing Middle East tensions and weak demand from China put pressure on prices.
Westpac rated as a sell
Westpac Banking Corp (ASX: WBC) shares are overvalued according to analysts at Goldman Sachs. In response to its quarterly update, the broker has retained its sell rating with an improved price target of $25.84. The broker was pleased with Westpac's quarterly profit, which is "run-rating 8% above what was implied by our prior 2H24E forecasts." However, it can't see beyond its sky-high valuation. It said: "[T]rading on a 12-mo forward PER of 15.3x, nearly two standard deviations above its 15-yr average, we stay Sell."
Gold price rises
It looks like ASX 200 gold miners Gold Road Resources Ltd (ASX: GOR) and Regis Resources Limited (ASX: RRL) could have a decent session on Tuesday after the gold price rose again overnight. According to CNBC, the spot gold price is up 0.2% to US$2,543.6 an ounce. Rate cut optimism has given the precious metal a boost.
