On Tuesday, the S&P/ASX 200 Index (ASX: XJO) ended the day in the red after the RBAâs cash rate meeting spooked investors. The benchmark fell 0.45% to 7,504.1 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 looks set to rise on Wednesday following a volatile but solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 6 points or 0.1% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.35%, the S&P 500 is up 0.8%, and the Nasdaq is 1.15% higher.
Oil prices jump
Energy producers Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a strong session after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 3.7% to US$76.84 a barrel and the Brent crude oil price has risen 3% to US$83.48 a barrel. Comments out of the US Federal Reserve eased recession fears.
Suncorp results
The Suncorp Group Ltd (ASX: SUN) share price will be one to watch on Wednesday. Thatâs because this morning the banking and insurance giant is scheduled to release its half year results. According to CommSec, the market is expecting a net profit after tax of $570 million and an interim dividend of 31.9 cents per share.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a positive session after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.25% to US$1,884 an ounce. Easing rate hike concerns boosted the precious metal.
Buy Macquarie shares
One leading broker believes the Macquarie Group Ltd (ASX: MQG) share price is good value following the investment bankâs third quarter update. A note out of Morgans reveals that its analysts have retained their add rating with a $214.50 price target. It commented: âMQG is a quality franchise, exposed to structural growth areas, and the company has performed exceptionally well in a more difficult FY23 environment.â
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
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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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Macquarie Group. 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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