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5 things to watch on the ASX 200 on Wednesday

On Tuesday the S&P/ASX 200 index had a subdued day of trade and finished it a few points lower at 6,573.4 points.

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

ASX 200 futures pointing lower.    

The Australian share market looks set to drop this morning after U.S. markets returned from the long weekend and sank lower. According to the latest SPI futures, the ASX 200 index is poised to open the day 38 points or 0.6% lower this morning. On Wall Street the Dow Jones fell 1.1%, the S&P 500 dropped 0.7%, and the Nasdaq tumbled 1.1%.

Oil prices lower.

Australian energy producers including Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) will be on watch today after oil prices dropped lower. According to Bloomberg, the WTI crude oil price sank 2.1% to US$53.94 a barrel and the Brent crude oil price dropped 0.65% to US$58.27 a barrel. Weak U.S. manufacturing data triggered the sell off.

Broker names Treasury Wine as a sell.

The Treasury Wine Estates Ltd (ASX: TWE) share price will be one to watch on Wednesday after analysts at Goldman Sachs rated the wine company as a sell. According to the note, the broker has a sell rating and lowly $14.10 price target on the company’s shares. Its analysts believe that Treasury Wine’s near term EBITS growth will be lower than management has guided to.

Gold price higher.

It looks set to be a positive day of trade for gold miners such as Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) after the price of the precious metal surged higher. According to CNBC, the spot gold price rose 1.7% to US$1,555 an ounce after the weak manufacturing data sparked recession fears.

Shares going ex-dividend.

A large number of shares are scheduled to go ex-dividend again this morning and are likely to drop into the red. These include funerals company InvoCare Limited (ASX: IVC), administration services company Link Administration Holdings Ltd (ASX: LNK), private health insurer Medibank Private Ltd (ASX: MPL), asset manager Perpetual Limited (ASX: PPT), and wine giant Treasury Wine.

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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 Link Administration Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia has recommended InvoCare Limited and Link Administration Holdings 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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