On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form and recorded a decent gain. The benchmark index rose 0.35% to 8,249.2 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 edge higher on Wednesday following a decent session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 1 point higher. In late trade on Wall Street, the Dow Jones is down 0.15%, the S&P 500 is up 0.3%, and the Nasdaq is pushing 0.85% higher. The latter has hit a record high.
Oil prices edge lower
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued session after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down 0.2% to US$67.24 a barrel and the Brent crude oil price is down 0.4% to US$71.14 a barrel. Oil prices have been falling this week after the market removed its Israel-Iran risk premium.
Star posts loss
Star Entertainment Group Ltd (ASX: SGR) shares will be in focus today after the casino and resorts operator released its first quarter update after the market close on Tuesday. For the three months ended 30 September, Star Entertainment posted an 18% decline in revenue to $351 million and an EBITDA loss of $18 million. Management said: "There continues to be a deterioration in operating performance from a challenging operating environment and the continued implementation of mandatory carded play and cash limits."
Gold price jumps
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good session after the gold price touched on a new record peak overnight. According to CNBC, the gold futures price is up 1.05% to US$2,784.9 an ounce. US election uncertainty gave the gold price a boost.
Pilbara Minerals first quarter update
Pilbara Minerals Ltd (ASX: PLS) shares will be on watch on Wednesday when the lithium miner releases its first quarter update. Goldman Sachs is expecting the company's production to fall quarter on quarter. It has pencilled in spodumene production of 208kt for the three months, down 8% from 226kt for the fourth quarter of FY 2024. Though, this estimate is ahead of the consensus estimate for a decline to 188kt. The market is expecting a realised spodumene price of US$801 per tonne and cash costs of A$699 per tonne.
