On Tuesday, the S&P/ASX 200 Index (ASX: XJO) ended its winning streak with a small decline. The benchmark fell 0.3% to 7,131 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 rebound
The Australian share market looks set to rebound on Wednesday following a solid night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 27 points or 0.4% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.4%, the S&P 500 is up 0.55%, and the Nasdaq is 0.8% higher.
Oil prices rise
It could be a good day for energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after a decent night for oil prices. According to Bloomberg, the WTI crude oil price is up 1.4% to US$75.68 a barrel and the Brent crude oil price has risen 1.25% to US$80.65 a barrel. Optimism over Chinese demand boosted prices.
Norwest rejects MinRes takeover
After the market close on Tuesday, Mineral Resources Ltd (ASX: MIN) was dealt a blow in its quest to acquire Norwest Energy NL (ASX: NWE). Norwest has released its target statement and advised that its directors unanimously recommend that shareholders reject the offer. Mineral Resources has offered one share for every 1,367 Norwest shares. This currently values the offer at 6.2 cents per share.
Iron ore price rises
It could be a positive session for mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) on Wednesday after the iron ore price charged higher. The steel-making ingredient is up 3.1% to US$121.95 a tonne amid hopes that China's reopening will lead to an increase in demand for the base metal.
Gold price edges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.1% to US$1,879.7 an ounce. Gold is trading near a new eight-month high.
