On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form again and sank into the red. The benchmark index fell 1.2% to 6,961.8 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
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ASX 200 expected to rise
The Australian share market could snap its losing streak on Wednesday despite a relatively poor night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 0.1% higher this morning. In late trade on Wall Street, the Dow Jones is down 0.3%, the S&P 500 has dropped 0.1%, and the Nasdaq is trading marginally higher.
Oil prices rebound strongly
Energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a great day after oil prices rebounded strongly overnight. According to Bloomberg, the WTI crude oil price is up 3.8% to US$93.81 a barrel and the Brent crude oil price is up 3.8% to US$100.22 a barrel. This was driven by speculation that Saudi Arabia could cut its output if demand softens.
Coles FY 2022 results
The Coles Group Ltd (ASX: COL) share price will be in focus this morning when the supermarket giant releases its full year results. According to a note out of Citi, its analysts are forecasting a net profit after tax of $1,019 million. This is slightly ahead of the market consensus estimate of $1,008.5 million.
Gold price higher
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price traded higher overnight. According to CNBC, the spot gold price is up 0.7% to US$1,760.50 an ounce. A pullback in the US dollar following weak US retail sales data boosted the precious metal.
WiseTech results day
The WiseTech Global Ltd (ASX: WTC) share price could be on the move today when the logistics solutions company releases its full year results for FY 2022. WiseTech has a habit of outperforming expectations, so investors may be hoping for the same today. The market consensus estimate is for a net profit after tax of $175.7 million.
