On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose a fraction to 8,548.4 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market is expected to rise on Tuesday after a decent 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 the United States, the Dow Jones was up 0.75%, the S&P 500 climbed 0.95%, and the Nasdaq stormed 1.5% higher.
Miners expected to climb
It could be a good session for BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) shares on Tuesday after their US and London listed shares pushed higher overnight. In addition, US listed lithium miners all rose on Wall Street, which could be good news for the likes of Pilbara Minerals Ltd (ASX: PLS) and Liontown Resources Ltd (ASX: LTR) today.
Oil prices ease
It could be a subdued session for ASX 200 energy shares including Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices eased overnight. According to Bloomberg, the WTI crude oil price is down 2% to US$71.49 a barrel and the Brent crude oil price is down 1.7% to US$72.99 a barrel. This was driven by signs that Iran wants a ceasefire with Israel.
Buy Beach Energy shares
The team at Bell Potter thinks that Beach Energy Ltd (ASX: BPT) shares could be in the buy zone. This morning, in its Energy Weekly review, the broker has retained its buy rating and $1.70 price target on the energy producer's shares. It notes that the conflict between Israel and Iran could impact supplies. It said: "Bloomberg reports that the biggest concern for the oil markets centres on the Strait of Hormuz, through which around a fifth of the world's daily oil output is shipped."
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a poor session after the gold price tumbled overnight. According to CNBC, the gold futures price is down 1.4% to US$3,404.2 an ounce. This was driven by easing concerns over the Israel-Iran conflict.
