On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark index rose 0.6% to 7,105.4 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to continue its winning streak on Wednesday following a decent night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.15% higher this morning. On Wall Street, the Dow Jones rose 0.7% and the S&P 500 climbed 0.2%, but the Nasdaq dropped 0.2%.
Oil prices fall again
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices pulled back again overnight. According to Bloomberg, the WTI crude oil price is down 3.5% to US$86.51 a barrel and the Brent crude oil price has fallen 3.2% to US$92.08 a barrel. This was driven by the release of economic data that raised concerns about a potential global recession. In addition, the market is waiting to see if a deal will be reached to allow more Iranian oil exports.
CSL FY 2022 results
All eyes will be on the CSL Limited (ASX: CSL) share price this morning when the biotherapeutics giant releases its full year results. According to a note out of Goldman Sachs, its analysts are forecasting revenue of US$10,903 million, EBIT of US$3,094 million, and a constant currency net profit after tax of US$2,295 million.
Gold price lower
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a poor day after the gold price traded lower overnight. According to CNBC, the spot gold price is down 0.4% to US$1,790.40 an ounce. A firmer US dollar weighed on the precious metal.
Santos first half results
The Santos Ltd (ASX: STO) share price will be one to watch on Wednesday when the energy producer releases its first half results. According to a note out of Citi, its analysts are expecting a bumper profit. The broker is forecasting a net profit after tax of US$1,333 million, which will be a massive increase from US$354 million a year earlier. This is being driven by sky high oil prices and the Oil Search merger.
