On Tuesday, the S&P/ASX 200 Index (ASX: XJO) gave back its intraday gains late on to finish the day in the red. The benchmark index edged 3.4 points lower to 7,259.9 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to drop
The Australian share market looks set to fall again on Wednesday following a disappointing night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 33 points or 0.45% lower this morning. On Wall Street, the Dow Jones was down 0.7%, the S&P 500 fell 1.1% and the Nasdaq dropped 1.25%. US Debt ceiling concerns weighed on sentiment.
Oil prices charge higher
It could be a great session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 1.45% to US$73.09 a barrel and the Brent crude oil price has risen 1.35% to US$77.01 a barrel. Oil prices charged higher after Saudi officials warned short sellers to watch out.
Webjet results
The Webjet Limited (ASX: WEB) share price will be one to watch this morning. That's because the online travel booker is scheduled to release its full-year results before the marker open. According to a note out of Goldman Sachs, it expects a 150% increase in TTV to $4,094 billion, a 145% lift in revenue to $337.5 million, and positive EBITDA of $123.9 million (up from negative $15.1 million). This is largely in line with consensus estimates.
Gold price edges lower
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued session after the gold price edged lower overnight. According to CNBC, the spot gold price is down a fraction to US$1,997 an ounce. Traders appear to be waiting for US debt ceiling news.
Qantas shares rated as a buy
The Qantas Airways Limited (ASX: QAN) share price remains great value according to analysts at Goldman Sachs. In response to the airline operator's market update, the broker has retained its conviction buy rating with an $8.50 price target. The broker commented: "We acknowledge broader macro uncertainty at this point in the cycle, but we believe the current share price does not reflect the group's improved earnings capacity."
