5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) bounced back from Monday’s selloff with a decent gain. The benchmark index rose 0.5% to 6,998.3 points.

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

ASX 200 expected to fall

The Australian share market looks set to give back yesterday’s gains on Wednesday following a poor night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 63 points or 0.9% lower this morning. On Wall Street, the Dow Jones fell 0.95%, the S&P 500 dropped 1.1%, and the Nasdaq tumbled 1.1%. Rate hike concerns continue to weigh on sentiment.

Oil prices sink

Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 5% to US$92.17 a barrel and the Brent crude oil price has fallen 5.4% to US$99.44 a barrel. Traders were selling oil amid concerns that rising inflation could impact fuel demand.

Harvey Norman results

The Harvey Norman Holdings Limited (ASX: HVN) share price will be on watch on Wednesday when the retail giant releases its full year results. According to a note out of Citi, its analysts are expecting the company to report a profit after tax of $614 million. This is broadly in line with the market consensus estimate of $614.6 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 0.8% to US$1,735.7 an ounce. This was driven by markets betting on the US Federal Reserve being aggressive with its rate hikes.

Shares going ex-dividend

A large number of ASX 200 shares are due to trade ex-dividend this morning and could drop into the red. This includes Bega Cheese Ltd (ASX: BGA), Blackmores Ltd (ASX: BKL), Iress Ltd (ASX: IRE), OZ Minerals Limited (ASX: OZL), Tabcorp Holdings Limited (ASX: TAH), Wesfarmers Ltd (ASX: WES), and Woolworths Group Ltd (ASX: WOW). The latter will pay eligible shareholders its fully franked 53 cents per share final dividend on 27 September.

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

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More reading

• Here are the top 10 ASX 200 shares today
• Keen to pocket the Woolworths dividend? You’d better be quick!
• ASX dividend windfall continues but it’s not just Woodside and ASX 200 energy stocks splashing the big cash
• Hoping to bag the next Wesfarmers dividend? Here’s what you need to do
• Why is the Beach Energy share price lagging its sector on Tuesday?

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 Harvey Norman Holdings Ltd. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd. and Wesfarmers Limited. The Motley Fool Australia has recommended Blackmores Limited. 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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