On Tuesday the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and ended broadly flat. The benchmark index ended the day at 7,332.1 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 futures pointing higher
The Australian share market looks set to edge higher on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% higher this morning. This is despite it being a poor night on Wall Street, which saw the Dow Jones fall 0.3%, the S&P 500 drop 0.35%, and the Nasdaq tumble 0.4% lower.
Apple to enter BNPL market
It could be a tough day for the shares of Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) on Wednesday amid speculation that Apple is going to enter the buy now pay later (BNPL) market. According to Bloomberg, the upcoming service, known internally as Apple Pay Later, will allow consumers to pay for any Apple Pay purchase in instalments. Apple will use Goldman Sachs as the lender for the instalment loans.
Oil prices push higher
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could rise on Wednesday after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.6% to US$75.31 a barrel and the Brent crude oil price is up 1.8% to US$76.51 a barrel. Traders were buying oil on the belief that US crude stockpiles are falling.
NAB confirms Citi interest
The National Australia Bank Ltd (ASX: NAB) share price will be on watch today. This follows the release of an announcement that confirms that the banking giant is interested in acquiring the Australian Consumer business of Citigroup. NAB advised that it is in discussions with Citi but warned that there is no certainty these discussions will lead to a transaction.
Gold price edges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) will be on watch after the gold price edged higher. According to CNBC, the spot gold price is up 0.15% to US$1,808.50 an ounce. This was despite the release of a stronger than expected US inflation report.