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:
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).
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Corporate Travel Management and Goodman Group. The Motley Fool Australia has positions in and has recommended Corporate Travel Management. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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