On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and raced higher. The benchmark index rose 1.5% to 7,108.9 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 expected to rise again
The Australian share market looks set to continue its recovery on Wednesday thanks to a solid night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 32 points or 0.45% higher this morning. In the United States, the Dow Jones rose 0.9%, the S&P 500 climbed 0.7%, and the Nasdaq pushed 0.55% higher.
Oil prices charge higher
It looks set to be a good session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 2.5% to US$74.81 a barrel and the Brent crude oil price has risen 2.2% to US$79.38 a barrel. Rising demand forecasts boosted prices.
Megaport named as a buy
The team at Goldman Sachs has retained its buy rating on Megaport Ltd (ASX: MP1) shares with an improved price target of $9.30. The broker was impressed with the company's performance and upgrade to guidance. It adds: "We are Buy rated on the name as we remain confident MP1 has a clear product advantage vs. peers and a decade-long runway for robust growth."
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price rose overnight. According to CNBC, the spot gold price is up 0.3% to US$1,937.2 an ounce. Traders were buying gold ahead of the release of US inflation data.
ASX 200 banks in parliament
Commonwealth Bank of Australia (ASX: CBA) and the rest of Australia's big four banks will be on watch today. That's because they will be getting a grilling in parliament with respect to interest rates. They are expected to be quizzed on why they are not passing on interest rates in full to savers.
