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) raced higher in response to the Reserve Bank's meeting. The benchmark index rose 1.45% to 7,793.3 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 positive day for the Australian share market on Wednesday following a relatively good session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 19 points or 0.25% higher. On Wall Street, the Dow Jones rose 0.1% and the S&P 500 pushed 0.1% higher, but the Nasdaq eased 0.1% lower. This was the fifth session in a row that the Dow Jones has risen, which is its longest winning streak of the year.

Oil prices soften

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued session after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down slightly to US$78.46 a barrel and the Brent crude oil price is down 0.15% to US$83.20 a barrel. Oil prices fell despite Israel dismissing Hamas' ceasefire.

Goodman Group update

All eyes will be on the Goodman Group (ASX: GMG) share price on Wednesday when the integrated industrial company releases its third-quarter update. With the company's shares hitting a record high on Tuesday, expectations clearly are high for Goodman. In February, management lifted its operating FY 2024 earnings per share growth guidance to 11% from 9%. Analysts at Citi see potential for another guidance upgrade.

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$2,322.5 an ounce. This was driven by routine price corrections after Monday night's gains.

Buy Telstra shares

The Telstra Group Ltd (ASX: TLS) share price is great value according to analysts at Goldman Sachs. This morning, the broker has reiterated its buy rating and $4.55 price target on the telco giant's shares. It said: "Following the underperformance of Telstra shares YTD (-8% vs. ASX200 +3%), alongside the recent downgrade in SPK FY24 guidance, we outline why we remain confident in our forecast $8.61bn in EBITDA (+$351mn yoy) for TLS in FY25E."

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 and Goodman Group. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool Australia has recommended Goodman Group. 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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