5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) stormed higher after the RBA raised rates in line with expectations. The benchmark index rose 1.65% to 6,976.9 points.

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

ASX 200 expected to edge lower

The Australian share market looks set for a subdued day on Wednesday after a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 1 point lower this morning. In late trade on Wall Street, the Dow Jones is down 0.25%, the S&P 500 is down 0.4%, and the Nasdaq is down 0.8%.

Oil prices higher

Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices charged higher. According to Bloomberg, the WTI crude oil price is up 2.1% to US$88.36 a barrel and the Brent crude oil price has risen 2% to US$94.64 a barrel. A softer US dollar offset Chinese demand concerns.

Iron ore price steadies

The good news for mining giants BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) is that after some very heavy declines recently, the iron ore price has started to steady. According to Fastmarkets, the spot iron ore price has recovered 0.8% to US$80.15 a tonne.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.6% to US$1,650.7 an ounce. Gold rose thanks to softness in the US dollar.

Domino’s AGM

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price could be one to watch today. The pizza chain operator is holding its annual general meeting and could provide a trading update to the market. Last week, Morgans commented: “The AGM next week will update on sales growth rates and store rollout. October 2022 trading will look better than the 3 months prior and may mark a long-awaited turning point.”

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

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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 recommended Dominos Pizza Enterprises Limited. 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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