On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and recorded a disappointing decline. The benchmark index fell 0.9% to 7,061.6 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 mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 29 points or 0.4% higher this morning. In late trade on Wall Street, the Dow Jones is down 0.25%, the S&P 500 has fallen 0.1%, and the Nasdaq is 0.1% higher.
Oil prices fall
It could be another tough session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices fell again overnight. According to Bloomberg, the WTI crude oil price is down 0.8% to US$72.47 a barrel and the Brent crude oil price is down 0.85% to US$77.38 a barrel. Demand concerns continue to put pressure on prices.
Graincorp rated as a buy
Bell Potter thinks that investors should be buying Graincorp Ltd (ASX: GNC) shares. According to a note, the broker has retained its buy rating and $9.55 price target on the grain exporter's shares. Including dividends, Bell Potter is expecting a 30% total return from its shares over the next 12 months.
Gold price edges lower
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a subdued session on Wednesday after the gold price edged lower. According to CNBC, the spot gold price is down 0.3% to US$2,035.9 an ounce. A firmer US dollar appears to have weighed on the precious metal.
Evolution's acquisition
Evolution Mining Ltd (ASX: EVN) shares could be worth watching today if they return from their trading halt. The gold miner requested a halt yesterday so it could launch a $525 million equity raising. The proceeds will be used to acquire an 80% interest in the Northparkes Copper-Gold Mine from CMOC Group for total cash consideration of up to US$475 million.
