5 things to watch on the ASX 200 on Wednesday

The ASX 200 is expected to drop into the red again on Wednesday…

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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a poor day and dropped into the red. The benchmark index fell 0.35% to 6,645 points.

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

ASX 200 expected to fall

The Australian share market looks set to fall again on Wednesday after another poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.4% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.1%, the S&P 500 is down 0.95%, and the Nasdaq is down 1.55%.

Oil prices drop

Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is down 3.1% to US$88.31 a barrel and the Brent crude oil price has fallen 2.8% to US$93.49 a barrel. Global recession fears and a COVID outbreak in China weighed on prices.

Bank of Queensland results

The Bank of Queensland Ltd (ASX: BOQ) share price will be on watch today when the regional bank releases its full year results for FY 2022. A note out of Goldman Sachs reveals that its analysts are expecting the bank to report a modest 0.5% increase in cash earnings to $534.5 million. This is expected to allow the Bank of Queensland board to declare a final dividend of 23 cents per share.

Gold price edges higher

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a better day after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.1% to US$1,677.2 an ounce. Gold rose slightly after the US dollar softened.

Commonwealth Bank AGM

The Commonwealth Bank of Australia (ASX: CBA) share price could be worth watching today. That's because Australia's largest bank is holding its annual general meeting. And while it doesn't usually provide a trading update at the event, it could provide some commentary on current operating conditions and the impact that rising rates are having on its margins.

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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