5 things to watch on the ASX 200 on Wednesday

The ASX 200 looks set to rebound on Wednesday…

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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) fell heavily after the Reserve Bank increased rates more than expected. The benchmark index fell 1.5% to 7,095.7 points.

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

ASX 200 expected to rebound

The Australian share market looks set to rebound on Wednesday following a solid night of trade in the US. According to the latest SPI futures, the ASX 200 is expected to open the day 54 points or 0.75% higher this morning. On Wall Street, the Dow Jones rose 0.8%, the S&P 500 climbed 0.95%, and the Nasdaq was also up 0.95% after bond yields eased.

Platinum update

The Platinum Asset Management Ltd (ASX: PTM) share price will be on watch today following the release of the fund manager’s latest funds under management (FUM) update. That update revealed that Platinum experienced net outflows of approximately $209 million In May. This left it with FUM of $19,588 million.

Oil prices rise

Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after a solid night of trade for oil prices. According to Bloomberg, the WTI crude oil price is up 1.3% to US$120.02 a barrel and the Brent crude oil price has risen 1.3% to US$121.09 a barrel. Concerns over tight supplies continue to keep oil prices at high levels.

ResMed rated as a buy

The ResMed Inc (ASX: RMD) share price could be good value according to analysts at Goldman Sachs. This morning the broker has reiterated its buy rating and $34.40 price target, implying potential upside of ~20%. Goldman notes that there “is a 12-18 month backlog of new patients waiting to be diagnosed.”

Gold price climbs

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price climbed overnight. According to CNBC, the spot gold price is up 0.65% to US$1,855.4 an ounce. The safe haven asset was boosted by falling bond yields.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed Inc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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