On Tuesday the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled for a second day in a row. The benchmark index ended the day 0.6% lower at 7,581.6 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 for a better day on Wednesday despite a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 51 points or 0.7% higher. In late trade on Wall Street, the Dow Jones is up 0.1%, the S&P 500 has fallen 0.1%, and the Nasdaq is 0.4% lower.
Oil prices push higher
It could be a decent session for ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.9% to US$73.45 a barrel and the Brent crude oil price is up 0.95% to US$78.66 a barrel. This was driven by US tensions with Iran.
Seven Group rated as a hold
The Seven Group Holdings Ltd (ASX: SVW) share price could be close to being fully valued according to analysts at Bell Potter. This morning, the broker has retained its hold rating and $38.00 price target on the diversified investment company's shares. It notes: "Dealer unit sales for Resource Industries in the APAC region have declined 10% and 1% YoY in the September and December 2023 quarters, respectively."
Gold price rises
ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Wednesday after the gold price rose overnight. According to CNBC, the spot gold price is up 0.45% to US$2,052.2 an ounce. A softer US dollar boosted the precious metal.
Centuria Industrial update
Centuria Industrial REIT (ASX: CIP) shares will be on watch on Wednesday when the industrial property company releases its half year results. Morgans commented: "We expect portfolio metrics to remain stable vs Jun-23. We note occupancy slightly trended up during the 1Q. WALE around 7 years." This result could have implications for Goodman Group (ASX: GMG) shares.
