On Tuesday, the S&P/ASX 200 Index (ASX: XJO) started its recovery from Monday's savage selloff. The benchmark index rose 0.4% to 7,680.6 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set fall on Wednesday despite a good session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 12 points or 0.15% lower. On Wall Street, the Dow Jones was up 0.75%, the S&P 500 rose 1% and the Nasdaq also rose 1%.
Oil prices rise
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent session after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 0.3% to US$73.18 a barrel and the Brent crude oil price is up 0.2% to US$76.45 a barrel. Middle East tensions gave oil prices a boost.
Pro Medicus named as a buy
Pro Medicus Limited (ASX: PME) shares have been caught up the market selloff this month. Goldman Sachs appears to believe this has created a buying opportunity for investors. This morning, the broker has reiterated its buy rating and $148.00 price target on the ASX 200 tech stock. This implies potential upside of 20% for investors from current levels. It said: "PME is well positioned into FY25 given a full year benefit of some large and high profile contracts, in addition to the accelerating frequency and size of new contract wins."
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued session after the gold price tumbled overnight. According to CNBC, the spot gold price is down 0.6% to US$2,429.7 an ounce. A stronger US dollar put pressure on the precious metal.
Buy Telstra shares
Telstra Group Ltd (ASX: TLS) shares could be a buy ahead of the release of the telco giant's full year results. That's the view of analysts at Goldman Sachs, which have reiterated their buy rating and $4.30 price target on its shares this morning. The broker said: "We expect a solid set of FY24 results, within its recently re-iterated guidance ranges, with growth driven by Mobile & InfraCo segments." Goldman also suspects that Telstra will "narrow/upgrade its FY25 EBITDA guidance range to A$8.5-8.7bn (from A$8.4-8.7bn)."
