On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a subdued session and recorded the smallest of declines. The benchmark index was down slightly to 7,314.3 points.
Will the market be able to bounce back from this 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 on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.2% lower this morning. In the United States, the Dow Jones fell 0.55%, the S&P 500 dropped 0.4%, and the Nasdaq edged 0.1% lower.
Oil prices rise
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices rose again overnight. According to Bloomberg, the WTI crude oil price is up 1.3% to US$86.69 a barrel and the Brent crude oil price has risen 1.1% to US$90.01 a barrel. Oil prices hit 10-month highs after Saudi Arabia and Russia extended their supply cuts.
Graincorp rated as a buy
The Graincorp Ltd (ASX: GNC) share price could have major upside potential according to analysts at Bell Potter. This morning, the broker has retained its buy rating and $9.45 price target on the grain exporter's shares. This implies a potential upside of almost 27%. Bell Potter also expects a 5.5% dividend yield from its shares.
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a tough day after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.8% to US$1,951 an ounce. Rising bond yields and a jump in the US dollar put pressure on the precious metal.
Shares going ex-dividend
A number of ASX 200 shares are going ex-dividend this morning and could trade lower. This includes private hospital operator Ramsay Health Care Ltd (ASX: RHC), job listings giant Seek Ltd (ASX: SEK), and healthcare company Sonic Healthcare Ltd (ASX: SHL).
