On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a poor session and dropped into the red. The benchmark index fell 0.65% to 8,710.7 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to fall again
The Australian share market looks set to fall again on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 34 points or 0.4% lower. In the United States, the Dow Jones fell 0.05%, the S&P 500 dropped 0.5%, and the Nasdaq tumbled 0.9%.
Oil prices rise
It looks like ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a solid session after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 2.5% to US$99.63 a barrel and the Brent crude oil price is up 2.45% to US$110.86 a barrel. This follows news that Donald Trump was not pleased with Iran's proposal to reopen the Strait of Hormuz.
Woodside Q1 update
Woodside Energy Group Ltd (ASX: WDS) shares will be on watch today when the energy giant releases its first-quarter update. According to a note out of Macquarie, for the three months ended 31 March, its analysts are forecasting production of 43.7mmboe, sales volumes of 46.6mmboe, and revenue of US$3.09 billion.
Gold price sinks
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a poor session on Wednesday after the gold price tumbled overnight. According to CNBC, the gold futures price is down 1.9% to US$4,606 an ounce. Soaring oil prices have sparked inflation and rate hikes fears.
Hold Whitehaven Coal shares
Bell Potter thinks Whitehaven Coal Ltd (ASX: WHC) shares are fully valued at current levels. In response to its third-quarter update, the broker has retained its hold rating and $8.10 price target on the coal miner's shares. It said: "We maintain a Hold recommendation. In the medium term, WHC are positioned to capitalise when coal markets sustainably improve with a diversified portfolio of assets in Queensland and New South Wales and strong organic growth optionality. We have a positive long term met coal outlook, driven by constrained supply and increased demand from steel producers reliant on seaborne met coal (i.e. India)."
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Woodside Energy Group Ltd. 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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