On Tuesday, the S&P/ASX 200 Index (ASX: XJO) carved out the smallest of gains. The benchmark index rose a modest 1.9 points to 7,311.1 points.
Will the market be able to build on this Wednesday? Here are five things to watch:
ASX 200 expected to edge lower
The Australian share market looks set to fall on Wednesday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points or 0.1% lower this morning. In the United States, the Dow Jones fell 0.45%, the S&P 500 dropped 0.4%, and the Nasdaq tumbled 0.8%.
The Commonwealth Bank of Australia (ASX: CBA) share price will be one to watch today. That's because the banking giant is scheduled to release its full-year results this morning. The analyst consensus estimate is for second-half cash earnings of $5,014 million. This would take its full-year cash earnings to $10,167 million. A $2.24 per share fully franked final dividend is also expected from Australia's largest bank.
Oil prices rise
It looks set to be a decent session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$82.80 a barrel and the Brent crude oil price has fallen 0.8% to US$86.03 a barrel. Strong US economic data boosted prices.
Gold price falls
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued session after the gold price fell overnight. According to CNBC, the spot gold price is down 0.5% to US$1,959.5 an ounce. A stronger US dollar pushed the gold price to a one-month low.
Suncorp FY 2023 results
Suncorp Group Ltd (ASX: SUN) shares will also be in focus today when the insurance giant releases its full-year results. According to a note out of Goldman Sachs, its analysts expect Suncorp to report cash earnings of $1,240 million, cash earnings per share of 94 cents, and dividends per share of 70 cents.