5 things to watch on the ASX 200 on Wednesday

Another positive session is expected for Aussie investors today.

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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.45% to 7,683.5 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to rise again

It looks set to be another good session for the Australian share market on Wednesday following a strong night in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.3% higher. On Wall Street, the Dow Jones rose 0.7%, the S&P 500 jumped 1.2%, and the Nasdaq stormed 1.6% higher.

Oil prices rebound

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 1.8% to US$83.32 a barrel and the Brent crude oil price is up 1.6% to US$88.38 a barrel. Renewed rate cut hopes boosted oil prices.

Fortescue quarterly update

Fortescue Ltd (ASX: FMG) shares will be on watch on Wednesday when the mining giant releases its third quarter update. The market is forecasting iron ore shipments of 44.8Mt for the three months. This will be down 7.8% on what was shipped during the second quarter. This is expected to be achieved with a realised iron ore price of US$86 a tonne.

Gold price falls

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor day after the gold price fell overnight. According to CNBC, the spot gold price is down 0.4% to US$2,336.1 an ounce. Traders were selling the precious metal in response to the release of US economic data.

Northern Star shares rated neutral

The Northern Star Resources share price could be fully valued according to analysts at Goldman Sachs. This morning, the broker has retained its neutral rating on the gold miner's shares with a trimmed price target of $14.50. Goldman commented: "Group gold production of 387koz was below expectations, and down 9% QoQ, on softer production at Yandal and Pogo. […] we continue to rate NST a relative Neutral on valuation, trading on ~1.2x NAV, or pricing ~US$2,060/oz gold (peer average ~1.05x NAV and ~US$1,900/oz), with growth spend leaving FCF yields at c.3-6% over the next 3 years, and a more concentrated near-term execution risk."

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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