5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form again and sank into the red. The benchmark index fell 1.2% to 6,961.8 points.

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

ASX 200 expected to rise

The Australian share market could snap its losing streak on Wednesday despite a relatively poor night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 0.1% higher this morning. In late trade on Wall Street, the Dow Jones is down 0.3%, the S&P 500 has dropped 0.1%, and the Nasdaq is trading marginally higher.

Oil prices rebound strongly

Energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a great day after oil prices rebounded strongly overnight. According to Bloomberg, the WTI crude oil price is up 3.8% to US$93.81 a barrel and the Brent crude oil price is up 3.8% to US$100.22 a barrel. This was driven by speculation that Saudi Arabia could cut its output if demand softens.

Coles FY 2022 results

The Coles Group Ltd (ASX: COL) share price will be in focus this morning when the supermarket giant releases its full year results. According to a note out of Citi, its analysts are forecasting a net profit after tax of $1,019 million. This is slightly ahead of the market consensus estimate of $1,008.5 million.

Gold price higher

Gold miners such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price traded higher overnight. According to CNBC, the spot gold price is up 0.7% to US$1,760.50 an ounce. A pullback in the US dollar following weak US retail sales data boosted the precious metal.

WiseTech results day

The WiseTech Global Ltd (ASX: WTC) share price could be on the move today when the logistics solutions company releases its full year results for FY 2022. WiseTech has a habit of outperforming expectations, so investors may be hoping for the same today. The market consensus estimate is for a net profit after tax of $175.7 million.

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 WiseTech Global. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET and WiseTech Global. 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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