5 things to watch on the ASX 200 on Wednesday

Afterpay Ltd (ASX:APT) and Evolution Mining Ltd (ASX:EVN) 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. –

Investor sitting in front of multiple screens watching share prices

On Tuesday the S&P/ASX 200 Index (ASX: XJO) was out of form again and dropped to a three-month low. The benchmark index fell 0.65% to 5,784.1 points.

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

ASX 200 futures pointing higher.

The ASX 200 index is expected to bounce back strongly on Wednesday. According to the latest SPI futures, the benchmark index is poised to storm 61 points or 1.06% higher at the open. This follows a very positive night of trade on Wall Street which saw the Dow Jones rise 0.5%, the S&P 500 climb 1.05%, and the Nasdaq index race 1.7% higher.

Tech share recovery to continue.

Australian tech shares such as Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) look set to continue their recovery on Wednesday after the tech-focused Nasdaq index stormed higher overnight. The highlight on the Nasdaq was arguably the Amazon share price, which surged almost 6% higher. Investors appear to believe the tech rout is now over.

Oil prices rebound slightly.

It could be a better day of trade for energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices rebounded from Monday night’s sizeable declines. According to Bloomberg, the WTI crude oil price is up 0.6% to US$39.55 a barrel and the Brent crude oil price has risen 0.6% to US$41.70 a barrel. Demand concerns have weighed on prices this week.

Gold price drops lower.

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch this morning after the gold price softened further. According to CNBC, the spot gold price has fallen 0.3% to US$1,905.00 an ounce. The precious metal came under pressure after the U.S. dollar strengthened again.

News Corp given conviction buy rating.

The News Corp (ASX: NWS) share price could be heading a lot higher from here according to analysts at Goldman Sachs. They have reaffirmed their conviction buy rating and $26.70 price target on the media company’s shares. Goldman notes that News Corp has a constructive earnings outlook and plenty of valuation upside within its portfolio.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks 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.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

Find out the names of our 3 Post COVID Stocks – For FREE!

*Returns as of 6/8/2020

More reading

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. 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.

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!