On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.2% to 7,283.8 points.
Will the market be able to rebound on Wednesday? Here are five things to watch:
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ASX 200 expected to charge higher
The Australian share market looks set to return to form 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 39 points or 0.55% higher this morning. In the United States, the Dow Jones rose 1.05%, the S&P 500 climbed 0.7%, and the Nasdaq pushed 0.75% higher.
Oil prices jump
It looks set to be a great session for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 2.1% to US$75.74 a barrel and the Brent crude oil price has risen 1.55% to US$79.71 a barrel. This follows news that China plans to act to support economic growth.
Rio Tinto update
The Rio Tinto Ltd (ASX: RIO) share price will be on watch today when the mining giant releases its quarterly update. According to a note out of Goldman Sachs, its analysts are expecting Rio Tinto to report below consensus iron ore shipments of 78.7Mt for the quarter. The consensus estimate is for shipments of 81.4Mt. For the first half of FY 2023, Goldman's estimate equates to shipments of 162.4Mt.
Gold price rises strongly
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price rose overnight. According to CNBC, the spot gold price is up 1.3% to US$1,981.3 an ounce. Traders were buying gold on the belief that the US Federal Reserve will pause its rate hikes.
Santos Q2 update
The Santos Ltd (ASX: STO) share price will be one to watch closely today when the energy giant releases its second quarter. During the last quarter, the company reported production of 22.2mmboe, sales revenue of US$1.6 billion, and free cash flow of US$720 million. Santos will need a stronger second quarter to put it on track to achieve its full-year production guidance of 89-96 mmboe.
