On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was a sea of red and sank deep into the red. The benchmark index fell 1.7% to 8,205.7 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 to rebound slightly on Wednesday following a reasonably positive session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 14 points or 0.2% higher. In late trade on Wall Street, the Dow Jones is up 0.1%, the S&P 500 is trading flat, and the Nasdaq is pushing 0.2% higher.
Oil prices rise
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent session after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 2.4% to US$72.24 a barrel and the Brent crude oil price is up 2.2% to US$75.91 a barrel. Traders have been buying oil futures after the Chinese government cut its benchmark lending rate, sparking hopes of increased energy demand.
Annual general meetings
A number of ASX 200 shares will be holding their annual general meetings on Wednesday and could release trading updates ahead of their events. Companies holding meetings include metal detector manufacturer Codan Ltd (ASX: CDA), gold miner St Barbara Ltd (ASX: SBM), and gambling company Tabcorp Holdings Ltd (ASX: TAH).
Gold price hits new record high
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good session after the gold price rose to a new record high overnight. According to CNBC, the gold futures price is up 0.75% to US$2,759.4 an ounce. Strong demand for safe haven assets due to US election uncertainty gave the gold price a lift.
Buy REA Group shares
Rea Group Ltd (ASX: REA) shares could be good value according to analysts at Goldman Sachs. According to a note, the broker has reaffirmed its buy rating on the property listings company's shares with an improved price target of $245.00 (from $221.00). This implies potential upside of approximately 8% for investors over the next 12 months. It commented: "We believe REA is among the highest-quality names in our coverage, given it has the highest ability to continue to drive pricing."
