5 things to watch on the ASX 200 on Wednesday

On Tuesday the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled for a second day in a row. The benchmark index ended the day 0.6% lower at 7,581.6 points.

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

ASX 200 expected to rebound

The Australian share market looks set for a better day on Wednesday despite a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 51 points or 0.7% higher. In late trade on Wall Street, the Dow Jones is up 0.1%, the S&P 500 has fallen 0.1%, and the Nasdaq is 0.4% lower.

Oil prices push higher

It could be a decent session for ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.9% to US$73.45 a barrel and the Brent crude oil price is up 0.95% to US$78.66 a barrel. This was driven by US tensions with Iran.

Seven Group rated as a hold

The Seven Group Holdings Ltd (ASX: SVW) share price could be close to being fully valued according to analysts at Bell Potter. This morning, the broker has retained its hold rating and $38.00 price target on the diversified investment company’s shares. It notes: “Dealer unit sales for Resource Industries in the APAC region have declined 10% and 1% YoY in the September and December 2023 quarters, respectively.”

Gold price rises

ASX 200 gold shares including 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 0.45% to US$2,052.2 an ounce. A softer US dollar boosted the precious metal.

Centuria Industrial update

Centuria Industrial REIT (ASX: CIP) shares will be on watch on Wednesday when the industrial property company releases its half year results. Morgans commented: “We expect portfolio metrics to remain stable vs Jun-23. We note occupancy slightly trended up during the 1Q. WALE around 7 years.” This result could have implications for Goodman Group (ASX: GMG) shares.

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
• How the changed interest rate outlook is turbocharging shares vs. property
• ASX 200 drops as RBA leaves interest rates unchanged at 4.35%
• 7 must-see results this ASX reporting season before buying or selling
• The ASX 200 is close to all-time highs, should I sell my shares?

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group. The Motley Fool Australia has recommended Goodman 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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