On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and stormed higher. The benchmark index rose 0.8% to 8,318.4 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to tumble on Wednesday following a poor session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 41 points or 0.5% lower. In late trade on Wall Street, the Dow Jones is down 0.75%, the S&P 500 is 0.9% lower, and the Nasdaq is down 1.3%.
Oil prices sink
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a very tough session after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.8% to US$71.05 a barrel and the Brent crude oil price is down 3.5% to US$74.72 a barrel. Traders were selling oil on the belief that Israel won't be striking Iran's oil industry. Woodside will be releasing its quarterly update today.
Rio Tinto third quarter update
Rio Tinto Ltd (ASX: RIO) shares will be on watch on Wednesday when the mining giant releases its third quarter update. According to a note out of Goldman Sachs, its analysts are expecting Rio Tinto to report iron ore shipments of 86.2Mt for the three months ended 30 September. This is ahead of the consensus estimate of 85.1Mt and represents a 7% quarter on quarter increase. Copper production is expected to be flat at 171kt according to Goldman. Though, the consensus estimate is for a small quarter on quarter increase to 176kt.
Gold price rises
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 rose overnight. According to CNBC, the gold futures price is up 0.6% to US$2,682.2 an ounce. Lower bond yields gave the precious metal a boost.
Buy Hub24 shares
Hub24 Ltd (ASX: HUB) shares could be good value according to analysts at Bell Potter. According to a note, the broker has retained its buy rating on the investment platform provider's shares with an improved price target of $73.00 (from $66.50). It said: "HUB has reported Funds Under Administration (FUA) of $113.0bn comprising Platform FUA of $91.6bn and PARS FUA of $21.4bn with 1Q25 fund flows above our forecasts. A positive outlook on the business pipeline was also provided. […] HUB trades at a discount to peer NWL (43.8x FY25 EV/EBITDA) despite its leading capabilities, FUA growth and ~40% statutory EPS CAGR. Buy."
