On Tuesday the S&P/ASX 200 Index (ASX: XJO) was out of form and edged lower. The benchmark index fell 0.3% to 7,142.6 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to rise
It looks set to be a mildly positive 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 11 points or 0.15% higher this morning. This follows a subdued start to the week on Wall Street following the Memorial Day holiday. The Dow Jones rose 0.1%, the S&P 500 was flat, and the Nasdaq fell 0.1%.
Iron ore price rises again
BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) shares could be on the rise today after the iron ore price continued to rebound. According to Metal Bulletin, the spot iron ore price is up a further 4.9% to US$208.67 a tonne.
Oil prices hit two-year highs
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a positive day on Wednesday after oil prices hit a two-year high. According to Bloomberg, the WTI crude oil price is up 2.4% to US$67.92 a barrel and the Brent crude oil price is up 1.8% to US$70.54 a barrel. Oil prices jumped after OPEC reconfirmed its gradual production increase plan.
Nine given buy rating
The Nine Entertainment Co Holdings Ltd (ASX: NEC) share price could be good value according to one leading broker. In response to its agreement with Facebook and Google, analysts at Goldman Sachs have reiterated their buy rating and lifted their price target to $3.40. This compares to the latest Nine share price of $2.99.
Gold price edges lower
Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) will be on watch after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.2% to US$1,902 an ounce. The precious metal eased off a five-month high following the release of positive US economic data.