On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and stormed higher. The benchmark index rose 0.7% to 7,410.6 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to give back some of yesterday’s gains on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.25% lower this morning. In late trade in the United States, the Dow Jones is up 0.3%, but the S&P 500 is down 0.3% and the Nasdaq is trading 1.3% lower.
Webjet half year results
The Webjet Limited (ASX: WEB) share price will be on watch when it releases its half year results this morning. For the six months ending 30 September, Goldman Sachs is forecasting a 611% increase in total transaction value (TTV) to $668.6 million, revenue of $52.5 million, an EBITDA loss of $13.4 million, and a net loss after tax of $35.5 million.
Oil prices jump
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a strong day after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 2.4% to US$78.60 a barrel and the Brent crude oil price has risen 3.3% to US$82.37 a barrel. This is despite the US revealing that it will release oil from reserves to combat rising energy prices.
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a difficult day after the gold price dropped. According to CNBC, the spot gold price is down 1% to US$1,788.80 an ounce. The gold price hit a three-week low after rate hike bets increased.
Annual general meeting season continues on Wednesday. Among the companies holding annual general meetings are retail giant Harvey Norman Holdings Limited (ASX: HVN) and private hospital operator Ramsay Health Care Limited (ASX: RHC). Both ASX 200 shares could provide updates at their respective events.