On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a tough session and dropped back into the red. The benchmark index fell 0.4% to 8,131.8 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 on Wednesday following a great session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 47 points or 0.6% higher. In late trade on Wall Street, the Dow Jones is up 0.9%, the S&P 500 is up 1.1%, and the Nasdaq is pushing 1.3% higher.
Oil prices edge higher
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 edged higher overnight. According to Bloomberg, the WTI crude oil price is up 0.2% to US$71.62 a barrel and the Brent crude oil price is up 0.2% to US$75.25 a barrel. Oil prices have risen this week amid news that OPEC+ is planning to push back production hikes to combat high supply and low prices.
NAB full year results
National Australia Bank Ltd (ASX: NAB) shares will be one to watch closely on Wednesday. That's because later this morning the banking giant will become the second bank to report its results this month. As we covered here last week, the team at UBS is expecting NAB to deliver revenue of $20.3 billion, a pre-tax profit of $9.87 billion, and a net profit of $6.9 billion for FY 2024. The market is expecting total dividends of $1.68 per share for the year.
Gold price pushes higher
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price edged higher again overnight. According to CNBC, the gold futures price is up 0.1% to US$2,749.6 an ounce. US election uncertainty helped driven the precious metal higher.
Annual general meetings
A number of ASX 200 shares are holding their annual general meetings on Wednesday and could provide updates at their respective events. This includes iron ore giant Fortescue Ltd (ASX: FMG), battery materials miner IGO Ltd (ASX: IGO), pizza chain operator Domino's Pizza Enterprises Ltd (ASX: DMP), and property listings company Domain Holdings Australia Ltd (ASX: DHG).
