On Tuesday the S&P/ASX 200 Index (ASX: XJO) bounced back strongly and charged notably higher. The benchmark index jumped 1.2% to 6,742.6 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to rise.
It looks set to be another positive day for the ASX 200 on Wednesday. According to the latest SPI futures, the ASX 200 is poised to open the day 13 points or 0.2% higher. This follows a strong start to the week on Wall Street, which in late trade sees the Dow Jones up 0.5%, the S&P 500 up 0.95%, and the Nasdaq index up 1.5%. US markets were closed for Martin Luther King Jr. Day on Monday.
Hot on the heels of the Rio Tinto Limited (ASX: RIO) fourth quarter update on Tuesday, BHP Group Ltd (ASX: BHP) will be releasing its own update this morning. According to a note out of Goldman Sachs, it is expecting the mining giant to report quarterly iron ore shipments of 69.3Mt, petroleum production of 25.6Mmboe, copper production of 382kt, and met coal production of 9.6Mt.
Oil prices charge higher.
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could be on the rise today after oil prices charged higher. According to Bloomberg, the WTI crude oil price is up 1.15% to US$52.96 a barrel and the Brent crude oil price has risen 2.15% to US$55.92 a barrel. Optimism that government stimulus will lift global economic growth in the second half helped drive prices higher.
Gold price rises.
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) will be on watch on Wednesday after the gold price pushed higher. According to CNBC, the spot gold price is up 0.5% to US$1,839.50 an ounce. The precious metal strengthened after the U.S. dollar softened.
HUB24 given buy rating.
The HUB24 Ltd (ASX: HUB) share price could be going higher according to one leading broker. This morning analysts at Goldman Sachs retained their buy rating and lifted the price target on this investment platform provider’s shares to $26.61. This follows the release of HUB24’s quarterly update yesterday, which was stronger than Goldman’s expectations.