5 things to watch on the ASX 200 on Wednesday

It looks set to be another busy day for the ASX 200 on Wednesday…

Smiling man with phone in wheelchair watching stocks and trends on computer

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) ended the day in the red after the RBA's cash rate meeting spooked investors. The benchmark fell 0.45% to 7,504.1 points.

Will the market be able to bounce back from this on Wednesday? Here are five things to watch:

ASX 200 expected to rise

The Australian share market looks set to rise on Wednesday following a volatile but solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 6 points or 0.1% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.35%, the S&P 500 is up 0.8%, and the Nasdaq is 1.15% higher.

Oil prices jump

Energy producers Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a strong session after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 3.7% to US$76.84 a barrel and the Brent crude oil price has risen 3% to US$83.48 a barrel. Comments out of the US Federal Reserve eased recession fears.

Suncorp results

The Suncorp Group Ltd (ASX: SUN) share price will be one to watch on Wednesday. That's because this morning the banking and insurance giant is scheduled to release its half year results. According to CommSec, the market is expecting a net profit after tax of $570 million and an interim dividend of 31.9 cents per share.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a positive session after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.25% to US$1,884 an ounce. Easing rate hike concerns boosted the precious metal.

Buy Macquarie shares

One leading broker believes the Macquarie Group Ltd (ASX: MQG) share price is good value following the investment bank's third quarter update. A note out of Morgans reveals that its analysts have retained their add rating with a $214.50 price target. It commented: "MQG is a quality franchise, exposed to structural growth areas, and the company has performed exceptionally well in a more difficult FY23 environment."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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 positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

Woman in celebratory fist move looking at phone
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Broker Notes

These ASX 200 shares could rise 20% to almost 30%

Analysts are tipping these shares to deliver big returns over the next 12 months.

Read more »

A young woman carefully adds a rock to the top of a pile of balanced river rocks.
Share Market News

Here's how the ASX 200 market sectors stacked up last week

Energy and utilities stocks led the way last week with 4%-plus gains.

Read more »

Animation of a man measuring a percentage sign, symbolising rising interest rates.
Share Market News

Here's when Westpac says the RBA will now cut interest rates

Will borrowers need to wait until the middle of next year for relief? Let's find out.

Read more »

Boys making faces and flexing.
Opinions

3 ASX 300 shares to buy and hold for the long run

I believe these stocks have loads of growth potential.

Read more »

Young girl drinking milk showing off muscles.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a great end to the trading week for ASX investors today.

Read more »

Hands reaching high for a trophy with a sunset in the background.
Record Highs

The ASX 200 Index is on its way to another all-time high today. Here's why

These blue chip stocks are driving the index towards a new record today...

Read more »

Group of friends trading stocks on their phones. symbolising the 3 most traded ASX 200 shares today
Share Market News

3 ASX mining stocks topping the most-traded list in October

Chinese stimulus news and company announcements likely contributed to the higher trading activity.

Read more »