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5 things to watch on the ASX 200 on Wednesday

Afterpay Ltd (ASX:APT) and Westpac Banking Corp (ASX:WBC) shares will be on watch on the ASX 200 on Wednesday…
The post 5 things to watch on the ASX 200 on Wednesday appeared first on Motley Fool Australia. –

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On Tuesday the S&P/ASX 200 Index (ASX: XJO) bounced back strongly and recorded an impressive gain. The benchmark index rose 1.1% to 6,588.5 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to storm higher.

The Australian share market looks set to storm higher on Wednesday after a positive night on global markets. According to the latest SPI futures, the ASX 200 is expected to open the day 48 points or 0.75% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.95%, the S&P 500 is up 1.45%, and the Nasdaq has jumped 1.6%.

Tech shares on watch.

It looks set to be a good day for tech shares such as Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) on Wednesday. They have a tendency to follow the lead of their U.S. counterparts, which are surging higher on the tech-focused Nasdaq index at the time of writing.

Gold price jumps.

It could also be a very good day for gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST). This follows an exceptionally strong night of trade for the precious metal. According to CNBC, the spot gold price is up 2.1% to US$1,818.50 an ounce. This was driven by U.S. dollar weakness caused by the announcement of a COVID stimulus package.

Oil prices sink lower.

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a tough day after oil prices sank lower. According to Bloomberg, the WTI crude oil price is down 1.9% to US$44.48 a barrel and the Brent crude oil price has dropped 1.1% to US$47.35 a barrel. News that OPEC is delaying production cut talks is weighing on prices.

Westpac rated as a buy.

Goldman Sachs has retained its buy rating on the Westpac Banking Corp (ASX: WBC) share price following its update on APRA’s investigation into its risk governance. The broker notes that its price target of $20.34 takes into account regulatory uncertainty, hence no changes are being made today. Goldman is also forecasting a 4.8% dividend yield in FY 2021.

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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Appen Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post 5 things to watch on the ASX 200 on Wednesday appeared first on Motley Fool Australia.

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