On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index was down 0.55% to 7,038.2 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to fall again
The Australian share market looks set to fall again on Wednesday following a very poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 23 points or 0.3% lower this morning. In the United States, the Dow Jones fell 1.15%, the S&P 500 dropped 1.5%, and the Nasdaq sank 1.6%.
Oil prices rise
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$90.66 a barrel and the Brent crude oil price has risen 0.9% to US$94.15 a barrel. Concerns over tight supplies boosted oil prices.
ANZ rated as a buy
Goldman Sachs says that ANZ Group Holdings Ltd (ASX: ANZ) shares are great value. This morning, the broker has been looking at the banking sector and has reiterated its buy rating and $27.25 price target on its shares. Goldman sees "further upside risk to ANZ Group returns from mix shifts in its Institutional division."
Gold price sinks
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor day after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.9% to US$1,918.7 an ounce. Traders were selling gold after the US dollar and bond yields rose.
Star shares expected to sink
The Star Entertainment Group Ltd (ASX: SGR) share price is likely to tumble on Wednesday. That's because the casino operator has raised $750 million through an equity raising at a big discount. Star also announced a new $450 million debt facility These funds are designed to provide Star with increased financial flexibility to address known and expected liabilities over the medium term.
