On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a day to forget. The benchmark index fell 1.4% to 7,523.2 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
Image Source: Getty Images
ASX 200 expected to fall again
The Australian share market looks set for another difficult session on Wednesday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 17 points or 0.2% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.4%, the S&P 500 has fallen 0.4%, and the Nasdaq is 0.75% lower.
Oil prices rebound
It looks set to be a good session for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 3.1 % to US$72.59 a barrel and the Brent crude oil price is up 2.9% to US$78.07 a barrel. Middle East tensions and comments out of OPEC boosted prices.
Suncorp rated as a buy
Goldman Sachs remains bullish on Suncorp Group Ltd (ASX: SUN) shares following its claims update. It highlights that "SUN expects to remain within allowances for 1H24 and we note an otherwise benign perils environment." Goldman has a buy rating and a $15.13 price target on the insurance giant's shares.
Gold price tumbles
ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a poor session on Wednesday after the gold price tumbled overnight. According to CNBC, the spot gold price is down 1.5% to US$2,041.4 an ounce. This follows the release of minutes from the US Federal Reserve.
Big miners in focus
Mining giants BHP Group Ltd (ASX: BHP), Fortescue Ltd (ASX: FMG), and Rio Tinto Ltd (ASX: RIO) look set to have another tough session on Wednesday after falling on Wall Street again overnight. Investors were selling the miners despite the iron ore price creeping higher.
