On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark rose 0.45% to 7,490.4 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 drop
The Australian share market looks set to fall on Wednesday following a subdued night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 14 points or 0.2% lower this morning. In late trade on Wall Street, the Dow Jones is up 0.1%, the S&P 500 is down 0.1%, and the Nasdaq is 0.2% lower.
Oil prices sink
Energy producers Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch after a poor night for oil prices. According to Bloomberg, the WTI crude oil price is down 2.25% to US$79.79 a barrel and the Brent crude oil price has fallen 2.6% to US$85.94 a barrel. Global economic growth concerns weighed on prices.
Woodside Q4 update
The Woodside Energy Group Ltd (ASX: WDS) share price will also be one to watch on Wednesday. That's because the energy giant is scheduled to release its fourth quarter and full year update this morning. According to a note out of Morgans, its analysts are expecting full year production of 146MMboe. From this it expects revenue of US$15,864 million and EBITDAX of US$11,914 million.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price rose overnight. According to CNBC, the spot gold price is up 0.4% to US$1,936.2 an ounce. Demand for safe haven assets boosted the precious metal.
Q4 inflation reading
It is a big day for the ASX 200 index on Wednesday. Later today, the Australian Bureau of Statistics will be releasing the eagerly anticipated inflation data for the fourth quarter of 2022. According to a note out of Westpac Banking Corp (ASX: WBC), its economics team expect inflation to come in at 7.4% after a 1.5% quarterly lift in consumer prices. A stronger than expected reading could spook the market and increase rate hike expectations.
