On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week with the smallest of declines. The benchmark index fell slightly to 7,501.6 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 open flat
The Australian share market looks set for a subdued session on Wednesday despite a solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day flat this morning. In late trade on Wall Street, the Dow Jones is up 0.45%, the S&P 500 has risen 0.4%, and the Nasdaq is 0.4% higher.
Oil prices storm higher
It could 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 stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 2.7% to US$75.54 a barrel and the Brent crude oil price is up 2.7% to US$81.21 a barrel. Middle East strife and US rate cut hopes boosted prices.
Core Lithium rated as a sell
Goldman Sachs isn't in a hurry to buy Core Lithium Ltd (ASX: CXO) shares after they crashed deep into the red on Friday. The broker has responded by retaining its sell rating and 31 cents price target. Goldman highlights that "deferring early works on BP33 development increases the risk of a gap in production in FY25."
Gold price higher
ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a decent session on Wednesday after the gold price pushed higher. According to CNBC, the spot gold price is up 0.1% to US$2,071 an ounce. This was driven by rate cut optimism.
Big miners in focus
Mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) look set to have another positive session on Wednesday after pushing higher on Wall Street overnight. Both miners could hit 52-week highs today.
