On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a tough session and dropped into the red. The benchmark index fell 0.6% to 8,198.1 points.
Will the market bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to fall again
The Australian share market looks set to fall again on Wednesday following a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 21 points or 0.25% lower this morning. In late trade in the United States, the Dow Jones is down 0.8%, the S&P 500 is down 0.4%, but the Nasdaq is 0.4% higher.
Oil prices tumble
ASX 200 energy shares 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 0.1% to US$68.30 a barrel and the Brent crude oil price is down 0.7% to US$71.15 a barrel. Oil prices hit a six-month low on OPEC+ output increase and tariff concerns.
ASX 200 shares going ex-dividend
Another group of ASX 200 shares will be going ex-dividend on Wednesday and could trade lower. This includes supermarket operators Coles Group Ltd (ASX: COL) and Woolworths Group Ltd (ASX: WOW), insurance juggernaut QBE Insurance Group Ltd (ASX: QBE), and wine giant Treasury Wine Estates Ltd (ASX: TWE). The latter will be paying its shareholders a partially franked 20 cents per share at the start of next month on 2 April.
Gold price rises
It could be a decent session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price rose overnight. According to CNBC, the gold futures price is up 0.8% to US$2,924.6 an ounce. A softer US dollar gave the precious metal a boost.
QBE rated as a buy
QBE Insurance Group Ltd (ASX: QBE) shares are a buy according to analysts at Goldman Sachs. This morning, the broker has reaffirmed its buy rating and $23.00 price target on the insurance giant's shares. It said: "Following the publication of our FY24 Result note, we update our cash EPS to reflect our previously published cash earnings forecasts. Our 2025E-27E cash EPS are revised to A$1.22/A$1.29/A$1.36 from A$1.16/A$1.22/A$1.27 previously. There is no change to our investment thesis, Buy rating or 12m TP of A$23.00."
