5 things to see on the ASX 200 on Tuesday, November 2, 2021

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On Monday, the S & P / ASX 200 Index (ASX: XJO) was back in shape and started the week with a solid win. The benchmark index rose 0.65% to 7,370.8 points.

Will the market be able to build on this on Tuesday? Here are five things to see:

The ASX 200 is expected to fall

The Australian stock market looks set to give some of these gains back on Melbourne Cup Day. According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 0.1% lower this morning. This follows a mixed start to the week on Wall Street, with the Dow Jones in late trades rising 0.1%, the S&P 500 falling 0.1% and the Nasdaq trading 0.3% higher.

Reserve Bank meeting

The Reserve Bank of Australia meets today to discuss the cash exchange rate. While the market expects the central bank to keep interest rates on hold at the current record low level of 0.1%, it is also expected to signal the end of quantitative easing, lift its interest rate target framework and be able to accelerate its guidance on rate hikes.

Oil prices are rising

Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could get a decent day after a solid night for oil prices. According to Bloomberg, the WTI crude oil price has risen by 0.55% to $ 84.03 per barrel. barrel, and the Brent crude oil price has risen 1.1% to $ 84.63 per barrel. barrel. An improved demand outlook increased prices.

The price of gold is rising

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) may rise today after the gold price is pushed up. According to CNBC, the spot gold price has risen 0.5% to US $ 1,792.7 ounces. The precious metal appears to be trading in a narrow range ahead of this week’s Federal Reserve meeting.

Westpac shares have been downgraded

That Westpac Banking Corp (ASX: WBC) stock price will be on guard today after being downgraded by analysts at Goldman Sachs. This morning, the broker downgraded the bank’s shares to a neutral rating with a price target of $ 25.60. Goldman commented: “We revise our FY22 / 23 / 24E EPS by -6.0% / – 9.1% / – 9.5% driven by: i) a weaker NIM lane, ii) lower other operating income from the sale of assets and weaker markets, partially offset by (iii) better BDD performance. “

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