On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a subdued session and edged into the red. The benchmark index fell slightly to 8,541.3 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to fall on Wednesday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.25% higher this morning. In the United States, the Dow Jones was down 0.7%, the S&P 500 fell 0.85%, and the Nasdaq dropped 0.9%.
Oil prices jump
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 4.2% to US$74.80 a barrel and the Brent crude oil price is up 4.2% to US$76.43 a barrel. This was driven by concerns over an escalation in the Iran-Israel conflict.
Lithium miners on watch
Liontown Resources Ltd (ASX: PLS) and Pilbara Minerals Ltd (ASX: PLS) shares could have a poor session on Wednesday after investors on Wall Street sold down lithium miners. The likes of Sociedad Química y Minera de Chile (NYSE: SQM) and Albemarle Corp (NYSE: ALB) both tumbled on the New York Stock Exchange as higher risk assets came under pressure.
Gold price falls
It could be a subdued session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price edged lower overnight. According to CNBC, the gold futures price is down 0.4% to US$3,404.5 an ounce. A stronger US dollar offset Middle East tensions.
Buy IVE shares
Analysts at Bell Potter think that IVE Group Ltd (ASX: IGL) shares are being undervalued by the market. This morning, the broker has retained its buy rating on the diversified marketing company's shares with an improved price target of $3.15. It said: "Potential catalysts include the FY25 result in August where we expect a result consistent with the upgraded guidance – if not slightly above – and positive guidance for FY26. We also believe an accretive acquisition is likely in the next six to twelve months."
