On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled into the red. The benchmark index fell 0.5% to 8,682.8 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 rebound
The Australian share market looks set to rise on Wednesday following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 45 points or 0.5% higher this morning. In late trade in the United States, the Dow Jones is up 1%, the S&P 500 is up 0.65%, and the Nasdaq is up 0.6%.
Oil prices tumble
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 2% to US$57.11 a barrel and the Brent crude oil price is down 1.75% to US$60.68 a barrel. This was driven by a lower supply outlook and Venezuelan output uncertainty.
BHP and Rio Tinto on watch
It could be a good session for BHP Group Ltd (ASX: BHP) shares and Rio Tinto Ltd (ASX: RIO) shares on Wednesday. Overnight on the NYSE, both mining giants saw their US-listed shares rise over 2% to new 52-week highs. This bodes well for the performance of their ASX-listed shares during today's session.
Gold price rises
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Wednesday after the gold price pushed higher again. According to CNBC, the gold futures price is up 0.85% to US$4,490.6 an ounce. The precious metal neared a record high after geopolitical risks boosted demand for safe haven assets.
Buy Aeris shares
Bell Potter thinks that Aeris Resources Ltd (ASX: AIS) shares are in the buy zone. The broker has retained its buy rating on the copper miner's shares with an improved price target of 82 cents (from 65 cents). It said: "AIS is a copper-dominant producer, with its near-term outlook highly leveraged to the copper price, increasing production at Tritton and gold production at Cracow. Tritton is an attractive corporate target, in our view, with upside to our Target Price supported by low valuation multiples. Our Target Price lifts 26% to $0.82/sh. We maintain our Buy recommendation."
