On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled into the red. The benchmark index fell 0.5% to 7,206.9 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market looks set to rebound on Wednesday following a very positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 57 points or 0.8% higher this morning. In late trade in the United States, the Dow Jones is up 1.1%, the S&P 500 is up 1.3%, and the Nasdaq is up 3%.
CSL half year results
The CSL Limited (ASX: CSL) share price will be in focus this morning when the biotherapeutics giant releases its half year results. According to CommSec, the market is expecting CSL to report a half year profit of US$1.46 billion and an interim dividend of 1.13 US cents. Though, the main focus is likely to be on management’s commentary around plasma collection headwinds and the impact they are having on margins.
Oil prices tumble
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a difficult day after oil prices tumbled. According to Bloomberg, the WTI crude oil price is down 3.7% to US$91.95 a barrel and the Brent crude oil price has fallen 3.4% to US$93.25 a barrel. Oil prices tumbled after Ukraine-Russia tensions eased.
Gold price slides
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued day after the gold price edged lower. According to CNBC, the spot gold price is down 0.75% to US$1,855.6 an ounce. Demand for the safe haven asset eased amid reports that Russia is pulling troops back from the Ukraine border.
Fortescue half year results
The Fortescue Metals Group Limited (ASX: FMG) share price will be one to watch when it releases its half year results. According to CommSec, the mining giant is expected to report a profit of US$2.8 billion with an interim dividend of 67 US cents. Morgans has warned that its analysts “expect profitability to be hit from: 1) lower benchmark prices, 2) rising discounts on low grade iron ore, and 3) continuing cost pressures.”
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.
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