On Tuesday, the S&P/ASX 200 Index (ASX: XJO) ended its losing streak with a strong gain. The benchmark index rose 0.8% to 8,314 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 to edge lower
The Australian share market looks set for a soft start to the session on Wednesday following a poor night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day a single point lower. In late trade on Wall Street, the Dow Jones is down 0.7%, the S&P 500 is down 0.5%, and the Nasdaq is 0.4% lower. The Dow Jones is on course to record its first 9-day losing streak in over 40 years.
Oil prices fall
ASX 200 energy shares such as 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 1.1% to US$69.92 a barrel and the Brent crude oil price is down 1.2% to US$73.05 a barrel. Traders were selling oil amid concerns over demand.
Qantas to pay $120 million
Qantas Airways Ltd (ASX: QAN) shares will be on watch today after the company reached an agreement with the Transport Workers Union (TWU). The Flying Kangaroo has agreed a $120 million compensation package with former ground handlers who were impacted by the airline's decision to outsource. Qantas Group CEO Vanessa Hudson said: "This is an important step in bringing closure to these individuals and I want to reiterate our sincere apologies to those impacted and their families."
Gold price softens
It looks likely to be a subdued session for ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) after the gold price softened overnight. According to CNBC, the gold futures price is down 0.2% to US$2,664.1 an ounce. Traders were selling gold after lowering their US Fed interest rate cut expectations in 2025.
NAB annual general meeting
National Australia Bank Ltd (ASX: NAB) shares will be on watch on Wednesday when the banking giant holds its annual general meeting in Melbourne. It is possible that the banking giant could provide the market with a trading update at the event. The Australian Shareholders' Association (ASA) is recommending that shareholders vote in favour of the bank's remuneration report at the meeting.
