On Tuesday, the S&P/ASX 200 Index (ASX: XJO) carved out the smallest of gains. The benchmark index rose slightly to 7,121.6 points.
Will the market be able to build on this Wednesday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market looks set to fall on Wednesday following a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.3% lower this morning. In the United States, the Dow Jones fell 0.5%, the S&P 500 dropped 0.3%, and the Nasdaq rose 0.05%.
Woolworths results
The Woolworths Group Ltd (ASX: WOW) share price will be one to watch when the supermarket giant releases its FY 2023 results. Goldman Sachs is expecting Woolworths to deliver a 5.25% increase in revenue to $64,046.37 million and a 13.25% lift in net profit to $1,714.8 million.
Oil prices fall
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 fell overnight. According to Bloomberg, the WTI crude oil price is down 0.6% to US$80.25 a barrel and the Brent crude oil price has fallen 0.45% to US$84.09 a barrel. This was driven by concerns over Chinese demand.
Gold price rises
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a better session after the gold price rose overnight. According to CNBC, the spot gold price is up 0.2% to US$1,926.2 an ounce. Traders have been buying gold after it hit a five-month low.
BHP named as a buy
BHP Group Ltd (ASX: BHP) shares could be a buy according to Goldman Sachs. This morning, the broker has retained its buy rating with an improved price target of $46.10. It said: "BHP reported a broadly in-line FY23 result with underlying EBITDA/NPAT of US$28.0bn/US$13.4bn, in-line/-3% vs. our US$27.8bn/US$13.9bn estimates, and Visible Alpha consensus."
