5 things to watch on the ASX 200 on Wednesday

BHP Group Ltd (ASX:BHP) and Qantas Airways Limited (ASX:QAN) shares will be on watch on the ASX 200 on Wednesday…

Young man with laptop watching stocks and trends while thinking

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

On Tuesday the S&P/ASX 200 Index (ASX: XJO) was out of form and sank lower. The benchmark index dropped 0.7% to 7,017.8 points.

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

ASX 200 expected to sink

It looks set to be a tough day of trade for the Australian share market on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day a sizeable 78 points or 1.1% lower this morning. This follows a poor night of trade on Wall Street, which saw the Dow Jones fall 0.75%, the S&P 500 drop 0.7%, and the Nasdaq tumble 0.9%.

Oil prices fall

It could be a difficult day for energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices pulled back. According to Bloomberg, the WTI crude oil price is down 1.2% to US$62.61 a barrel and the Brent crude oil price has fallen 0.8% to US$66.50 a barrel. This decline was driven by demand concerns.

BHP third quarter update

The BHP Group Ltd (ASX: BHP) share price will be one to watch this morning when it hands in its third quarter update. Investors will be keen to see if the mining giant is on course to achieve its guidance for FY 2021. BHP is aiming for full year iron ore production of 245 – 255Mt, copper production of 1,510-1,645kt, and petroleum production of 95-102 MMboe.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could be on the rise after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.45% to US$1,778.80 an ounce. Demand for safe haven assets appears to have driven the precious metal higher.

Trans-Tasman travel bubble concerns

Travel shares such as Qantas Airways Limited (ASX: QAN) and Webjet Limited (ASX: WEB) will be on watch today amid concerns over the Trans-Tasman travel bubble. This follows news that a border worker in Auckland has tested positive for COVID-19 and is now quarantining.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Opinions

2 ASX shares I have been buying in 2024!

I’m a believer in the long-term outlook of these stocks.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »