On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was well and truly out of form and dropped into the red. The benchmark fell 1.3% to 6,946.2 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 despite a very volatile night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 49 points or 0.7% higher this morning. In late trade on Wall Street, the Dow Jones is down 0.8%, the S&P 500 is down 1.1%, and the Nasdaq is 1.3% lower. The latter was up over 1% at one stage.
Oil prices sink
It could be a difficult day for energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after a very poor night for oil prices. According to Bloomberg, the WTI crude oil price is down 4.2% to US$76.90 a barrel and the Brent crude oil price has tumbled 4.4% to US$82.10 a barrel. Concerns about Chinese demand and the global economy led to the selling.
Growth shares on watch
ASX 200 growth shares such as Brainchip Holdings Ltd (ASX: BRN) and Pilbara Minerals Ltd (ASX: PLS) will be on watch on Wednesday after a tough night on Wall Street. Interest rates and recession concerns, Tesla's deliveries miss, and the market's aversion to growth stocks put pressure on this side of the market.
Gold price hits six-month high
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price pushed to a six-month high overnight. According to CNBC, the spot gold price is up 1% to US$1,844.3 an ounce.
ANZ shares return to normal
ANZ Group Holdings Ltd (ASX: ANZ) shares will begin trading under the ANZ ticker code again on Wednesday after completing its switch to a non-operating holding company model. The banking giant's shares have been trading under the ANZDA ticker code since late last year. ANZ chair, Paul O'Sullivan, explained: "The restructure is about making our banking business more efficient by creating a better structure for investing in our non-bank partners. It will provide greater strategic and operational flexibility."
