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5 things to watch on the ASX 200 on Wednesday

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On Tuesday the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains to end the day lower. The benchmark index fell 0.3% to 6,679.1 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 continue its poor run on Wednesday. According to the latest SPI futures, the ASX 200 is expected to fall 21 points or 0.3% lower this morning. This is despite it being a reasonably positive night of trade on Wall Street. In late trade the Dow Jones is up 0.2%, the S&P 500 has risen slightly, and the Nasdaq has climbed 0.2%.

Confession season continues.

The Altium Limited (ASX: ALU) share price came under pressure on Tuesday after it became the first company to provide a profit warning ahead of February’s reporting season. It is likely that more companies will now start to provide investors with guidance ahead of their results releases next month.

Oil prices higher.

It could be a good day for energy producers such as Beach Energy Limited (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices pushed higher. According to Bloomberg, the WTI crude oil price rose 1.8% to US$53.20 a barrel and the Brent crude oil price has risen 1.6% to US$56.57 a barrel. Saudi Arabia’s production cuts have supported prices.

Gold price flat.

Gold miners including Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after the gold price traded largely flat. According to CNBC, the spot gold price is up slightly to US$1,852.00 an ounce. Gold was held back by improving US treasury yields during overnight trade.

Iron ore rises.

The shares of BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) could be on the rise today after the iron ore price strengthened further. According to Metal Bulletin, the spot iron ore price has risen 0.3% to US$172.67 a tonne. Robust demand in China for the steel making ingredient is supporting prices.

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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 and recommends Altium. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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