On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had subdued session and dropped into the red. The benchmark index fell 0.35% to 8,176.9 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 rebound
The Australian share market looks set to edge higher on Wednesday despite a poor session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% higher. In late trade on Wall Street, the Dow Jones is up 0.3%, the S&P 500 is 0.95% higher, and the Nasdaq is pushing 1.4% higher.
Oil prices sink
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough session after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 4.25% to US$73.87 a barrel and the Brent crude oil price is down 4.25% to US$77.48 a barrel. The recent rally in oil prices has taken a pause as Israel has not yet retaliated against Iran.
Webjet named as a buy
Web Travel Group Ltd (ASX: WEB) shares could be in the buy zone according to analysts at Goldman Sachs. This morning, the broker has reinstated coverage on the hotel technology company's shares with a buy rating and $8.20 price target. This implies almost 20% upside for investors from current levels. It said: "The current price implies FY25e P/E of 26.3x vs FY25-27e EPS CAGR of 19.3%, which compares favorably vs our high-growth globally exposed consumer stocks under our coverage."
Gold price tumbles
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor session after the gold price tumbled overnight. According to CNBC, the gold futures price is down 1.15% to US$2,636 an ounce. Traders were selling the precious metal after reducing bets on the US Federal Reserve making large rate cuts. Strong economic data appears to indicate that rates won't need to go as low as first thought.
Buy Elders shares
Elders Ltd (ASX: ELD) shares could be good value according to analysts at Bell Potter. According to a note, the broker has retained its buy rating on the agribusiness company's shares with an improved price target of $9.45 (from $9.30). This suggests that its shares could rise over 12%. It said: "Should seasonal conditions hold through FY25e, we would expect a stronger profit outcome."
