5 things to watch on the ASX 200 on Wednesday

On Tuesday, late selling sent the S&P/ASX 200 Index (ASX: XJO) into the red. The benchmark index fell 0.4% to 6,826.5 points.

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

ASX 200 expected to fall

The Australian share market looks set to fall again 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 40 points or 0.6% lower this morning. On Wall Street, the Dow Jones fell 0.55%, the S&P 500 dropped 0.4%, and the Nasdaq fell 0.75%.

Oil prices drop

Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.2% to US$86.69 a barrel and the Brent crude oil price has fallen 3.3% to US$92.61 a barrel. Traders were selling oil amid demand concerns.

Metcash AGM and update

The Metcash Limited (ASX: MTS) share price will be on watch on Wednesday when the wholesaler holds its annual general meeting. Metcash traditionally releases a trading update at the meeting for the first quarter of the financial year. When the company released its full year results in June, it revealed that trading had been strong early in FY 2023. At that point, group sales were up 8.6% for the first seven weeks thanks to growth in all pillars.

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 traded lower overnight. According to CNBC, the spot gold price is down 0.65% to US$1,711.2 an ounce. The gold price fell after the US dollar rallied and bond yields rose.

ASX 200 shares going ex-dividend

A number of ASX 200 shares are due to trade ex-dividend this morning and could drop into the red. This includes packaging giant Amcor (ASX: AMC), logistics solutions company Brambles Limited (ASX: BXB), healthcare company Healius Ltd (ASX: HLS), private health insurer Medibank Private Ltd (ASX: MPL), and job listings giant Seek Limited (ASX: SEK).

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

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Morgans names 3 of the best ASX shares to buy in September
• What happened to Woodside shares on Tuesday?
• Should all ASX investors be buying defensive shares right now?
• ‘We would like to see faster progress’: ASX 200 energy shares on notice
• Why are ASX 200 gold shares having such a hard time of it in 2022?

Motley Fool contributor James Mickleboro has positions in SEEK Limited. 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 Amcor Limited. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/cYurdpJ