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On Monday, the S & P / ASX 200 (ASX: XJO) index performed very strongly and rose sharply. The benchmark rose 1.45% to 7,286.6 points.
Will the market be able to take advantage of this on Tuesday? Here are five things to see:
The ASX 200 is expected to go down
The Australian stock market looks set to weaken and is expected to fall on Tuesday. According to the latest SPI futures, the ASX 200 is ready to open the day 8 points or 0.1% lower. Wall Street was closed for a holiday, but European markets were charging more for news that China is easing its COVID restrictions.
Crown fined
Crown Resorts Ltd (ASX: CWN) has received a hefty fine from the Victorian Gambling and Casino Control Commission (VGCCC). In connection with the China UnionPay process, the VGCCC has imposed a $ 80 million fine on Crown Melbourne. The VGCCC has also stated that it continues to consider “further disciplinary proceedings against Crown related to the other findings of the Royal Commission, which could result in a fine of up to $ 100 million.”
The price of oil charges higher
Energy producers like Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices cover higher overnight. According to Bloomberg, the price of WTI crude oil has risen 1.8% to US $ 117.17 a barrel and the price of Brent crude oil has risen 1.9% to US $ 121.72 a barrel. Oil prices soared ahead of an EU meeting on Russian sanctions.
The price of gold is rising
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a smooth day after the price of gold rose slightly overnight. According to CNBC, the price of spot gold has risen 0.05% to $ 1,852.5 an ounce. Traders seem undecided on where the gold will go after recent US inflation data.
Barely classified as neutral
According to Bell Potter analysts, the price of the shares of Appen Ltd (ASX: APX) could be fully valued. The broker has maintained its retention rating and reduced its target price to $ 6.50. Bell Potter was disappointed with Appen’s commercial upgrade and has lowered its earnings estimates for the coming years to reflect its poor performance.