On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form despite the RBA cutting interest rates. The benchmark index fell 0.65% to 8,481 points.
Will the market bounce back from this on Wednesday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market looks set to fall on Wednesday following a subdued night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 10 points or 0.1% lower this morning. In late trade in the United States, the Dow Jones is down 0.35%, the S&P 500 is down 0.1%, and the Nasdaq is 0.35% lower.
Mineral Resources reports big loss
Mineral Resources Ltd (ASX: MIN) shares will be on watch today after the mining and mining services company released its half year results at the market close on Tuesday. Mineral Resources reported a 9% decline in revenue to $2,290 million and a 200% decline in underlying net profit to a loss of $196 million. Management said: "Record underlying earnings of $379 million in the first half from Mining Services – which had another standout period – was offset by the impact of weakness in iron ore and lithium prices."
Oil prices push higher
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.55% to US$71.84 a barrel and the Brent crude oil price is up 0.8% to US$75.81 a barrel. Concerns over Kazakh supply has given prices a boost.
Gold price jumps
It could be a great session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price jumped overnight. According to CNBC, the gold futures price is up 1.8% to US$2,952 an ounce. This was driven by increased demand for safe haven assets due to tariff uncertainty.
NAB quarterly update
National Australia Bank Ltd (ASX: NAB) shares will be on watch on Wednesday when the big four bank releases its first quarter update. Investors will no doubt be looking for a strong update given its impressive gains over the past 12 months. Also releasing results today are industrial property giant Goodman Group (ASX: GMG), energy producer Santos Ltd (ASX: STO), and corporate travel specialist Corporate Travel Management Ltd (ASX: CTD).
