On Tuesday, the S&P/ASX 200 Index (ASX: XJO) stormed higher after the RBA raised rates in line with expectations. The benchmark index rose 1.65% to 6,976.9 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 expected to edge lower
The Australian share market looks set for a subdued day on Wednesday after a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 1 point lower this morning. In late trade on Wall Street, the Dow Jones is down 0.25%, the S&P 500 is down 0.4%, and the Nasdaq is down 0.8%.
Oil prices higher
Energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices charged higher. According to Bloomberg, the WTI crude oil price is up 2.1% to US$88.36 a barrel and the Brent crude oil price has risen 2% to US$94.64 a barrel. A softer US dollar offset Chinese demand concerns.
Iron ore price steadies
The good news for mining giants BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) is that after some very heavy declines recently, the iron ore price has started to steady. According to Fastmarkets, the spot iron ore price has recovered 0.8% to US$80.15 a tonne.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.6% to US$1,650.7 an ounce. Gold rose thanks to softness in the US dollar.
Domino's AGM
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price could be one to watch today. The pizza chain operator is holding its annual general meeting and could provide a trading update to the market. Last week, Morgans commented: "The AGM next week will update on sales growth rates and store rollout. October 2022 trading will look better than the 3 months prior and may mark a long-awaited turning point."
