5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark index rose 0.6% to 7,105.4 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to rise

The Australian share market looks set to continue its winning streak on Wednesday following a decent night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.15% higher this morning. On Wall Street, the Dow Jones rose 0.7% and the S&P 500 climbed 0.2%, but the Nasdaq dropped 0.2%.

Oil prices fall again

Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices pulled back again overnight. According to Bloomberg, the WTI crude oil price is down 3.5% to US$86.51 a barrel and the Brent crude oil price has fallen 3.2% to US$92.08 a barrel. This was driven by the release of economic data that raised concerns about a potential global recession. In addition, the market is waiting to see if a deal will be reached to allow more Iranian oil exports.

CSL FY 2022 results

All eyes will be on the CSL Limited (ASX: CSL) share price this morning when the biotherapeutics giant releases its full year results. According to a note out of Goldman Sachs, its analysts are forecasting revenue of US$10,903 million, EBIT of US$3,094 million, and a constant currency net profit after tax of US$2,295 million.

Gold price lower

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor day after the gold price traded lower overnight. According to CNBC, the spot gold price is down 0.4% to US$1,790.40 an ounce. A firmer US dollar weighed on the precious metal.

Santos first half results

The Santos Ltd (ASX: STO) share price will be one to watch on Wednesday when the energy producer releases its first half results. According to a note out of Citi, its analysts are expecting a bumper profit. The broker is forecasting a net profit after tax of US$1,333 million, which will be a massive increase from US$354 million a year earlier. This is being driven by sky high oil prices and the Oil Search merger.

The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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