On Tuesday, late selling sent the S&P/ASX 200 Index (ASX: XJO) into the red. The benchmark index fell 0.4% to 6,826.5 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 fall
The Australian share market looks set to fall again on Wednesday following a poor night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 40 points or 0.6% lower this morning. On Wall Street, the Dow Jones fell 0.55%, the S&P 500 dropped 0.4%, and the Nasdaq fell 0.75%.
Oil prices drop
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.2% to US$86.69 a barrel and the Brent crude oil price has fallen 3.3% to US$92.61 a barrel. Traders were selling oil amid demand concerns.
Metcash AGM and update
The Metcash Limited (ASX: MTS) share price will be on watch on Wednesday when the wholesaler holds its annual general meeting. Metcash traditionally releases a trading update at the meeting for the first quarter of the financial year. When the company released its full year results in June, it revealed that trading had been strong early in FY 2023. At that point, group sales were up 8.6% for the first seven weeks thanks to growth in all pillars.
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor day after the gold price traded lower overnight. According to CNBC, the spot gold price is down 0.65% to US$1,711.2 an ounce. The gold price fell after the US dollar rallied and bond yields rose.
ASX 200 shares going ex-dividend
A number of ASX 200 shares are due to trade ex-dividend this morning and could drop into the red. This includes packaging giant Amcor (ASX: AMC), logistics solutions company Brambles Limited (ASX: BXB), healthcare company Healius Ltd (ASX: HLS), private health insurer Medibank Private Ltd (ASX: MPL), and job listings giant Seek Limited (ASX: SEK).
