On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and slipped into the red. The benchmark index edged 0.1% lower to 7,209.3 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 mixed night on Wall Street. 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 was down 0.15%, the S&P 500 was flat, and the Nasdaq rose 0.3%.
Oil prices sink
It could be a very tough session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 4% to US$69.76 a barrel and the Brent crude oil price has fallen 4.1% to US$73.89 a barrel. US debt ceiling concerns and mixed messages from major producers weighed on prices.
Champion Iron result
The Champion Iron Ltd (ASX: CIA) share price will be one to watch this morning. That's because the iron ore miner is scheduled to release its full-year results today. According to a note out of Goldman Sachs, its analysts expect Champion Iron to report EBITDA of C$496 million and underlying earnings of C$203 million.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good session after the gold price rose overnight. According to CNBC, the spot gold price is up 0.75% to US$1,959 an ounce. US debt deal concerns boosted demand for the safe haven asset.
Wesfarmers shares rated as a sell
The Wesfarmers Ltd (ASX: WES) share price is fully valued and some more according to analysts at Goldman Sachs. This morning, the broker responded to the company's strategy day event by retaining its sell rating with a $44.00 price target. Goldman said: "Market share gains and productivity in focus though still doesn't solve growth equation."
