Insights

5 things to watch on the ASX 200 on Wednesday

Evolution Mining Ltd (ASX:NCM) and Santos Ltd (ASX:STO) 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 The Motley Fool Australia. –

On Tuesday the S&P/ASX 200 Index (ASX: XJO) followed the lead of global markets and dropped lower. The benchmark index fell 1.05% to 6,599.6 points.

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

ASX 200 to rebound.

It looks set to be a much more positive day for the Australian share market on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 57 points or 0.9% higher this morning. This is despite a mixed night of trade on Wall Street. In late trade the Dow Jones is down 0.35%, the S&P 500 is flat, and the Nasdaq is up 0.45%.

US congress passes COVID stimulus package.

The US Congress has passed a massive COVID-19 relief and government spending package. It finally made the move with the aim of injecting long-delayed aid into the fight against a once-in-a-century health and economic crisis. According to CNBC, both chambers approved the more than US$2 trillion legislation. This comprises US$900 billion in pandemic aid and US$1.4 trillion to fund the government through to 30 September.

Oil prices soften further.

Energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have another tough day after oil prices softened further. According to Bloomberg, the WTI crude oil price is down 1.8% to US$47.09 a barrel and the Brent crude oil price has fallen 1.4% to US$50.22 a barrel. Once again, the new COVID-19 strain in Europe has fuelled demand recovery concerns.

Gold price falls.

Gold miners such as Evolution Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could come under pressure after the gold price dropped lower again. According to CNBC, the spot gold price has fallen 0.8% to US$1,868.20 an ounce. A stronger US dollar weighed on the price of the precious metal.

Omni Bridgeway given conviction buy rating.

The Omni Bridgeway Ltd (ASX: OBL) share price could be dirt cheap according to one leading broker. A note out of Goldman Sachs reveals that it has reiterated its conviction buy rating and $5.50 price target. This compares to its current $3.78 price target. Goldman believes the company is positioned for any class action regulation changes and growth offshore.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!