5 things to watch on the ASX 200 on Tuesday

Here’s what to expect on the ASX 200 on Tuesday…
The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia. –

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week deep in the red. The benchmark index fell 1.2% to 7,347 points.

Will the market be able to bounce back from this on Tuesday? Here are five things to watch:

ASX 200 expected to fall again

The Australian share market looks set to continue its slide on Tuesday despite a rebound on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 25 points or 0.35% lower. On Wall Street, the Dow Jones rose 0.25%, the S&P 500 climbed 0.6%, and the Nasdaq jumped 1.6%.

Reserve Bank meeting

The Reserve Bank will be holding its most important cash rate meeting in years this afternoon. Opinion is divided on what action the central bank will take, but many in the market believe it could make a 0.5% increase to the cash rate today. Westpac Banking Corp (ASX: WBC) expects a more modest 15 basis point rise today and 40 basis point rise next month.

Oil prices rise

Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a decent day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.65% to US$105.38.12 a barrel and the Brent crude oil price has risen 0.65% to US$107.84 a barrel. Oil prices turned positive on supply concerns.

Gold price sinks

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a tough day after the gold price sank overnight. According to CNBC, the spot gold price is down 2.6% to US$1,861.90 an ounce. The precious metal was sold off after US bond yields rose ahead of the US Federal Reserve meeting this week.

Woolworths sales update

The Woolworths Group Ltd (ASX: WOW) share price will be one to watch today when the retail giant releases its third quarter sales update. According to a note out of Goldman Sachs, its analysts expect Woolworths to report group sales of $14.7 billion for the three months. This will be a year on year increase of 6.4%. “We expect the Australian and New Zealand foods division to report +4% and +5.5% comparable growth respectively and for BigW to see -6% decline in comparable sales,” it adds.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

More reading

If you’d bought $10,000 of Bendigo Bank shares 10 years ago, guess how much you’d have now
Here’s what makes Santos shares ‘a really exciting proposition’: expert
The CBA share price was the worst performer of the ASX 200 big banks in April. What happened?
Why is the Webjet share price beating the ASX 200 today?
Here are the 3 most heavily traded ASX 200 shares on Monday

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

  • This field is for validation purposes and should be left unchanged.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US & HK* Trades. Click Here!