5 things to watch on the ASX 200 on Wednesday

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) ended its losing streak with a strong gain. The benchmark index rose 0.8% to 8,314 points.

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

ASX 200 to edge lower

The Australian share market looks set for a soft start to the session on Wednesday following a poor night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day a single point lower. In late trade on Wall Street, the Dow Jones is down 0.7%, the S&P 500 is down 0.5%, and the Nasdaq is 0.4% lower. The Dow Jones is on course to record its first 9-day losing streak in over 40 years.

Oil prices fall

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1.1% to US$69.92 a barrel and the Brent crude oil price is down 1.2% to US$73.05 a barrel. Traders were selling oil amid concerns over demand.

Qantas to pay $120 million

Qantas Airways Ltd (ASX: QAN) shares will be on watch today after the company reached an agreement with the Transport Workers Union (TWU). The Flying Kangaroo has agreed a $120 million compensation package with former ground handlers who were impacted by the airline's decision to outsource. Qantas Group CEO Vanessa Hudson said: "This is an important step in bringing closure to these individuals and I want to reiterate our sincere apologies to those impacted and their families."

Gold price softens

It looks likely to be a subdued session for ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) after the gold price softened overnight. According to CNBC, the gold futures price is down 0.2% to US$2,664.1 an ounce. Traders were selling gold after lowering their US Fed interest rate cut expectations in 2025.

NAB annual general meeting

National Australia Bank Ltd (ASX: NAB) shares will be on watch on Wednesday when the banking giant holds its annual general meeting in Melbourne. It is possible that the banking giant could provide the market with a trading update at the event. The Australian Shareholders' Association (ASA) is recommending that shareholders vote in favour of the bank's remuneration report at the meeting.

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 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 Scott Phillips.

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