On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled lower again. The benchmark index fell 0.8% to 6,980.3 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
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ASX 200 expected to rise
The Australian share market looks set to rise on Wednesday following a decent night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 29 points or 0.4% higher this morning. In late trade in the United States, the Dow Jones is up 0.35%, the S&P 500 is up 0.3%, and the Nasdaq is up 0.75%. Things were looking even better at one stage before US markets pared some of their gains.
Oil prices jump
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices surged higher. According to Bloomberg, the WTI crude oil price is up 4.7% to US$125.04 a barrel and the Brent crude oil price has risen 4.9% to US$129.96 a barrel. News that the US and UK are banning Russian oil imports has boosted prices.
Nickel price surges
Miners with exposure to nickel, such as IGO Ltd (ASX: IGO), will be on watch today after a crazy night for the metal. According to the Financial Times, the spot nickel price surged to a record US$100,000 a tonne in one of the biggest short squeezes in history. Chinese billionaire Xiang Guangda is believed to be nursing losses in the billions after he bet against the metal. The nickel price was trading at around US$21,000 a tonne at the start of the year.
Gold price continues to rise
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a strong day after the gold price continued to push higher. According to CNBC, the spot gold price is up 2.6% to US$2,048.2 an ounce. This has been driven by increasing demand for the safe haven asset due to the war in Ukraine.
Platinum shares upgraded to hold rating
Platinum Asset Management Ltd (ASX: PTM) shares could have ended their slide and now be a hold according to the team at Bell Potter. This morning the broker upgraded the fund manager's shares to a hold rating with a $1.90 price target. This follows the release of its latest funds under management update.
