5 things to watch on the ASX 200 on Wednesday

Santos Ltd (ASX:STO) and Zip Co Ltd (ASX:Z1P) shares will be on watch on the ASX 200 on Wednesday…

On Tuesday the S&P/ASX 200 Index (ASX: XJO) recovered from some early weakness to finish the day mostly flat. The benchmark index fell 2.3 points to 6,681.9 points.

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

ASX 200 expected to edge higher.

The Australian share market looks set to edge higher on Wednesday. According to the latest SPI futures, the ASX 200 is poised to open the day 3 points higher this morning. This follows a better night of trade on Wall Street. In late trade the Dow Jones is up 0.7%, the S&P 500 is up 0.7%, and the Nasdaq has risen 0.8%.

Oil prices jump.

It looks set to be a great day for energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices jumped higher. According to Bloomberg, the WTI crude oil price is up 5.1% to US$50.06 a barrel and the Brent crude oil price has stormed 5.1% higher to US$53.70 a barrel. This follows news that Saudi Arabia will cut production by 1 million barrels a day.

Zip AsiaPay partnership.

The Zip Co Ltd (ASX: Z1P) share price will be on watch after it signed a partnership with AsiaPay in the Australian market. AsiaPay is the leading digital payment service and technology player in Asia. The deal will see AsiaPay offer merchants in Australia the ability to accept digital mobile wallet payment via Zip, with a simple, secure, and private way to pay that's fast and convenient.

Gold price rises again.

Gold miners such as Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) could be on the rise again after the gold price pushed higher again. According to CNBC, the spot gold price has risen 0.35% to US$1,953.70 an ounce. A weaker US dollar helped drive the precious metal higher.

Australian dollar jumps.

The Australian dollar is jumping higher again after the US dollar weakened further overnight. At the time of writing, the Australian dollar is up 1.3% to 77.7 U.S. cents. This could be good news for importers, but a headwind for companies that generate a lot of revenue in US dollars. The latter includes Appen Limited (ASX: APX) and Treasury Wine Estates Ltd (ASX: TWE).

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 Appen Ltd and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on ASX Share Market News

Two colleagues looking at a graph and comparing share prices.
ASX Share Market News

PLS vs BHP: Which ASX 200 mining stock looks better today?

Comparing PLS vs BHP shares on valuation, dividends, and performance—see which ASX 200 mining stock I think comes out on…

Read more »

Businesswoman working with laptop and documents in office, with virtual finance related graphs and charts.
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

Technology written in orange in tech sector financial diagram.
ASX Share Market News

Tech shares shine while ASX 200 plunges to 4-month low

Technology was the surprise performer, rising 7.34%, during a topsy-turvy week for the local bourse.

Read more »

Smiling man working on his laptop.
Best Shares

BHP vs Codan: Which ASX 200 share is the stronger buy today?

BHP and Codan are both flying, but which ASX share is truly the better buy today? I break down the…

Read more »

Watering can pouring water on increasing piles of coins with green plants on them and a piggy bank and coins on the table.
Opinions

$3,000 buys 1,463 shares in an impressively reliable ASX dividend stock

Here’s what makes this stock one of the best picks for dividends, in my view.

Read more »

A woman is very excited about something she's just seen on her computer, clenching her fists and smiling broadly.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy end to the trading week for investors this Friday.

Read more »

REIT on wooden circles with real estate investment trust written above on a yellow background.
REITs

6 ASX REITs just hit 52-week lows. Do any brokers say buy?

Several ASX real estate investment trusts (REITs) have hit 52-week lows as the property sector underperforms the market on Friday.…

Read more »

A financial expert or broker looks worried as he checks out a graph showing market volatility.
Broker Notes

Buy, hold, sell: CBA, Capstone Copper, Codan shares

Let's take a look at some new ratings from the experts.

Read more »