On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.1% to 8,953.3 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 set to rise
The Australian share market looks set for a positive session on Tuesday despite a poor start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 28 points or 0.3% higher. On Wall Street, the Dow Jones was down slightly, the S&P 500 fell 0.25%, and the Nasdaq dropped 0.25%.
Oil prices rise
It could be a good session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 5.8% to US$88.73 a barrel and the Brent crude oil price is up 5.3% to US$86.95 a barrel. Rising tensions in the Strait of Hormuz sent oil prices charging higher.
Buy WiseTech shares
The team at Bell Potter remains bullish on WiseTech Global Ltd (ASX: WTC) shares. This morning, the broker has retained its buy rating on the logistics solutions technology company's shares with a trimmed price target of $78.85 (from $83.75). It said: "We note that WiseTech is currently trading at >30% discount to Technology One on an EV/EBITDA basis in both FY26 and FY27. While we believe some sort of discount is now warranted, we believe the current discount is excessive given WiseTech has greater forecast earnings growth over the medium term and also a similar strong competitive moat due to 30 years of proprietary data, deeply embedded software and high switching costs."
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a subdued session on Tuesday after the gold price pulled back overnight. According to CNBC, the gold futures price is down 0.9% to US$4,835.2 an ounce. US-Iran tensions and a stronger US dollar put pressure on the gold price.
Rio Tinto Q1 update
Rio Tinto Ltd (ASX: RIO) shares will be on watch on the ASX 200 on Tuesday when the mining giant releases its first-quarter update. According to a note out of Morgans, its analysts are expecting Pilbara iron ore shipments of approximately 71.3Mt. This will be down 20% quarter on quarter and short of the consensus estimate of 77.8Mt. Elsewhere, a mixed result is expected for Rio Tinto's copper operations.
