5 things to watch on the ASX 200 on Wednesday

It looks set to be a tough day for the ASX 200…
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) was out of form and tumbled notably lower. The benchmark index fell 1.5% to 7,275.6 points.

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

ASX 200 expected to sink again

The Australian share market is expected to drop again on Wednesday. According to the latest SPI futures, the ASX 200 is poised to open the day 81 points or 1.1% lower. This follows a very bad night on Wall Street which saw the Dow Jones fall 1.6%, the S&P 500 drop 2%, and the Nasdaq sink 2.8%. A spike in US bond yields due to rate hike bets spooked investors.

Webjet rated as a buy

The team at Goldman Sachs has retained its buy rating on the Webjet Limited (ASX: WEB) share price. In response to the online travel agent’s virtual investor meeting, the broker has put a buy rating and $6.40 price target on its shares. Goldman notes that the travel recovery remains positive on the international front.

Oil prices fall

Energy producers Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could be in the red today after oil prices pulled back. According to Bloomberg, the WTI crude oil price is down 0.85% to US$74.79 a barrel and the Brent crude oil price is down 1.2% to US$78.58 a barrel. The latter reached a three-year high before turning negative.

Afterpay shares to fall

The Afterpay Ltd (ASX: APT) share price looks likely to fall heavily on Wednesday. This follows a very poor night of trade for the Square share price. The payments giant’s shares fell 6% amid a selloff in the tech sector on Wall Street. And as Afterpay is being acquired in Square shares, any movements in its share price impacts the value of the takeover.

Gold price falls

Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could have a poor day after the gold price dropped overnight. According to CNBC, the spot gold price is down 1.1% to US$1,733.40 an ounce. The precious metal tumbled after bond yields jumped.

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

Wondering where you should 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 could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Here are the top 10 ASX shares today

Oil at a 3 year high and travel stocks soar. Scott Phillips on Nine’s Late News

Here are the 3 most traded ASX 200 shares so far this Tuesday

The healthcare sector is weighing on the ASX 200 on Tuesday

ASX 200 energy shares are surging, crude oil to hit US$90/b by year end: analyst

Motley Fool contributor 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 and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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!