On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.4% to 7,780.2 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 edge higher
The Australian share market looks set to rise slightly on Wednesday following a subdued session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points higher. In late trade on Wall Street, the Dow Jones is flat, the S&P 500 has fall 0.15%, and the Nasdaq is down 0.2%.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.55% to US$81.49 a barrel and the Brent crude oil price is down 0.8% to US$86.04 a barrel. Traders appear to have been taking profit after recent gains.
Gold price edges higher
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch on Wednesday after the gold price edged higher overnight. According to CNBC, the spot gold price is up slightly to US$2,199.1 an ounce. A weaker US dollar boosted the precious metal ahead of the release of US inflation data.
Monadelphous rated as a buy
The Monadelphous Group Ltd (ASX: MND) share price is great value according to analysts at Bell Potter. This morning, the broker initiated coverage on the engineering company's shares with a buy rating and $15.40 price target. It said: "MND's short-and-medium-term outlooks are supported by a growing pipeline of committed developments across the energy, lithium and rare earths sectors, which is expected to drive strong growth by its EC division."
ASX 200 shares going ex-dividend
A large number of ASX 200 shares are going ex-dividend this morning and could trade lower. This includes property companies Arena REIT (ASX: ARF), Centuria Industrial REIT (ASX: CIP), and Healthco Healthcare and Wellness Reit (ASX: HCW), and plumbing parts company Reece Ltd (ASX: REH).
