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5 things to watch on the ASX 200 on Wednesday

On Tuesday the S&P/ASX 200 index was in impressive form and climbed a solid 0.4% to 6,277.4 points.

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

ASX futures pointing lower.

The Australian share market is expected to trade lower on Wednesday. According to the latest SPI futures, the ASX 200 is poised to open 18 points or 0.3% lower this morning. This is despite a positive night of trade on Wall Street which saw the Dow Jones rise 0.25%, the S&P 500 edge slightly higher, and the Nasdaq push 0.3% higher.

BHP third quarter update.

The BHP Group Ltd (ASX: BHP) share price will be one to watch today when the mining giant releases its third quarter update. All eyes will be on BHP’s iron ore shipments after Cyclone Veronica limited train movements at the company’s port facilities.

Oil prices rise.

Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) shares could be on the move on Wednesday after oil prices surged higher overnight. According to Bloomberg, the WTI crude oil price has climbed 1.4% to US$64.31 a barrel and the Brent crude oil price has pushed 0.9% higher to US$71.84 a barrel.

Cochlear upgraded.

The Cochlear Limited (ASX: COH) share price was one of the best performers on the ASX 200 on Tuesday with a gain of almost 8%. The hearing solutions company’s shares could continue their rise today after Goldman Sachs upgraded them to a buy rating and lifted the price target on them to $197.00 from $173.00.

Gold miners could sink lower.

Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could come under pressure this morning after the gold price continued its slide. According to CNBC, the spot gold price has dropped 0.9% to US$1,279.60 an ounce. Gains by equities and the U.S. dollar led to the selling.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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