On Tuesday, the S&P/ASX 200 Index (ASX: XJO) returned to form and pushed higher. The benchmark index rose 0.8% to 6,955.4 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 recovery on Wednesday following a solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 60 points or 0.85% higher this morning. In late trade on Wall Street, the Dow Jones is up 1%, the S&P 500 is up 1.45% and the Nasdaq is 1.7% higher.
Oil prices climb
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices climbed overnight. According to Bloomberg, the WTI crude oil price is up 2.75% to US$69.50 a barrel and the Brent crude oil price has risen 2% to US$75.27 a barrel. Oil prices rebounded after banking crisis fears eased.
New Hope shares are a buy
The team at Morgans has reiterated its bullish view on New Hope Corporation Limited (ASX: NHC) shares. In response to the coal minerâs half-year results, the broker has reiterated its buy rating with a $6.35 price target. It believes that âwindfall returns of surplus capital (in time) are on offer for patient/ value investors.â
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor day after the gold price dropped overnight. According to CNBC, the spot gold price is down 2.1% to US$1,941.6 an ounce. Traders were selling gold ahead of the US Federal Reserveâs interest rate decision.
Goldman Sachs on ASX 200 banks
Analysts at Goldman Sachs remain confident in the health of the Australian banking sector and have reiterated their conviction buy rating and $27.74 price target on  Westpac Banking Corp (ASX: WBC) shares. Goldman highlights that Westpac and the rest of the big four banks have liquidity well above requirements.
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
- Which ASX 200 big four bank share could be the safest to hold?
- Want high income right now? These are the ASX dividend shares I would buy
- Here are the top 10 ASX 200 shares today
- Guess which ASX 200 director has bought $50m worth of shares in a fortnight?
- Here are the 3 most heavily traded ASX 200 shares on Tuesday
Motley Fool contributor James Mickleboro has positions in Westpac Banking. 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 recommended Westpac Banking. 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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