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 neared a record high. The benchmark index ended the day 0.3% higher at 7,600.2 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 end its winning streak on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 12 points or 0.15% lower. In late trade on Wall Street, the Dow Jones is up 0.3%, but the S&P 500 has fallen 0.1% and the Nasdaq is 0.8% lower.

Oil prices rise

It could be a decent session for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 1.3% to US$77.80 a barrel and the Brent crude oil price is up 0.6% to US$82.92 a barrel. This was driven by news that the IMF has upgraded global economic growth forecasts.

Credit Corp update

As per tradition, Credit Corp Group Limited (ASX: CCP) shares will be on watch on Wednesday when the debt collector kicks off earnings season. Credit Corp has been having a tough time over in the United States due to a sustained deterioration in collection conditions. This is expected to result in a $45 million impairment for the first half. Investors may also want to look out for any changes to its underlying NPAT guidance for FY 2024, which was reduced by $10 million in October to between $80 million and $90 million.

Gold price rises

ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Wednesday after the gold price rose overnight. According to CNBC, the spot gold price is up 0.4% to US$2,52.4 an ounce. The precious metal hit a two-week high ahead of the US Federal Reserve’s interest rate meeting.

IGO update

Also on watch on Wednesday will be IGO Ltd (ASX: IGO) shares when the battery materials miner releases its quarterly update. The market will no doubt be keen to see how its low cost lithium operations are performing in the current environment. Liontown Resources Ltd (ASX: LTR) is also releasing its quarterly update.

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
• ASX 200 record! Here’s why Aussie shares are on the cusp of a new all-time high
• How US-Iran tensions will support oil prices: CBA analyst
• 5 things to watch on the ASX 200 on Tuesday
• How investing $100 per week can create $1,500 in annual ASX dividend income

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. 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 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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