On Tuesday, the S&P/ASX 200 Index (ASX: XJO) managed to record a small gain. The benchmark index rose 0.1% to 7,712.5 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 higher
The Australian share market looks set to rise again on Wednesday following a very positive session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2% higher. In late trade on Wall Street, the Dow Jones is up 0.7%, the S&P 500 has risen 1.2%, and the Nasdaq is 1.5% higher.
Oil prices soften
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued session after oil prices softened overnight. According to Bloomberg, the WTI crude oil price is down 0.15% to US$77.81 a barrel and the Brent crude oil price is down 0.1% to US$82.12 a barrel. This appears to have been driven by rate cut doubts following the release of inflation data.
Core Lithium results
The Core Lithium Ltd (ASX: CXO) share price will be on watch today after the lithium miner released its half-year results and reported a huge loss. Core Lithium revealed revenue of $134.8 million and a loss after tax of $167.6 million. The company also announced that its CEO, Gareth Manderson, is stepping down.
Gold price tumbles
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a tough session on Wednesday after the gold price tumbled overnight. According to CNBC, the spot gold price is down 1.3% to US$2,160.4 an ounce. A hot U.S. inflation report reduced the prospects of the Federal Reserve cutting interest rates soon.
Treasury Wine gets China boost
All eyes will be on the Treasury Wine Estates Ltd (ASX: TWE) share price on Wednesday after the Chinese government revealed plans to remove its tariffs from Australian wine. Though, it has warned that the interim draft determination is not a final determination and is subject to change by MOFCOM. Treasury Wine expects a final determination in the coming weeks.
