On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was sold off and sank deep into the red. The benchmark index fell 1.95% to 8,469.1 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
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ASX 200 expected to edge lower
The Australian share market looks set to edge lower 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 5 points lower this morning. In late trade on the United States, the Dow Jones is down 0.8%, the S&P 500 is 0.45% lower, and the Nasdaq has tumbled 0.75%.
Oil prices rise
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.3% to US$60.69 a barrel and the Brent crude oil price is up 1% to US$64.85 a barrel. This was driven by concerns that Russian sanctions could hit supply.
Web Travel half year results
Web Travel Group Ltd (ASX: WEB) shares will be on watch on Wednesday when the travel technology company releases its half year results. The company is guiding to first half bookings of 5.07 million, total transaction value (TTV) of $3.17 billion, and a TTV margin of 6.2% to 6.4%. Management has also previously revealed that it is targeting record EBITDA for the full year.
Gold price edges higher
It could be a relatively good session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Wednesday after the gold price edged higher overnight. According to CNBC, the gold futures price is up slightly to US$4,123.4 an ounce. US rate cut optimism has given the gold price a boost.
Buy Catapult shares
Bell Potter thinks investors should be buying Catapult Sports Ltd (ASX: CAT) shares after their pullback on Tuesday. In response to the sports technology company's half year results, the broker has retained its buy rating with a trimmed price target of $6.50. It commented: "We continue to see strong double digit growth in the core business and believe this will be augmented by the cross-sell opportunity from the IMPECT acquisition as well as potential expansion into other sports."
