On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher. The benchmark index rose 0.4% to 7,056.1 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 rise again on Wednesday despite a poor session on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2% higher this morning. In late trade on Wall Street, the Dow Jones is down 0.15%, the S&P 500 has dropped 0.2%, and the Nasdaq is 0.4% lower.
Oil prices rise
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent session after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 0.5% to US$87.08 a barrel and the Brent crude oil price has risen 0.55% to US$90.15 a barrel. Middle East tensions continue to boost prices.
BHP Q1 update
All eyes will be on BHP Group Ltd (ASX: BHP) shares this morning when the mining giant releases its first quarter update. Goldman Sachs is forecasting iron ore shipments of 68.8Mt. This represents a quarter-on-quarter decline of 3%. However, the market is expecting a stronger result, with the consensus estimate implying a modest lift to 71.6Mt.
Gold price edges higher
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a relatively positive session after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.15% to US$1,937.4 an ounce. Demand for safe-haven assets is boosting the precious metal.
Liontown to return
Liontown Resources Ltd (ASX: LTR) shares will be on watch today when the lithium developer returns from a trading halt. On Monday, the company's proposed takeover by Albemarle collapsed. This led to the immediate launch of a capital raising. Yesterday Goldman Sachs downgraded its shares to a sell rating with a $1.85 price target.