On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form and charged higher. The benchmark index rose 0.65% to 8,402.4 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to rise again on Wednesday following a positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.2% higher this morning. In late trade in the United States, the Dow Jones is up 1%, the S&P 500 is up 0.75%, and the Nasdaq is 0.6% higher.
Buy BHP shares
BHP Group Ltd (ASX: BHP) shares are a buy according to analysts at Goldman Sachs. In response to the mining giant's quarterly update, the broker has reaffirmed its buy rating with a trimmed price target of $46.80. It said: "BHP reported a strong Dec Q with production beats vs. GSe in copper (+9%) and iron ore with FY25 production expected to be at the upper end of the guidance range."
Oil prices tumble
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 2.7% to US$75.78 a barrel and the Brent crude oil price is down 1.45% to US$78.97 a barrel. Traders were selling oil in response to Trump's tariffs and plans to boost energy production.
Gold price higher
It could be a decent session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 0.35% to US$2,684.8 an ounce. The precious metal rose to a two-month high on concerns over Trump's policies.
Woodside update
Woodside Energy Group Ltd (ASX: WDS) shares will be on watch on Wednesday when the energy giant releases its fourth quarter update. Goldman Sachs said: "We see potential for WDS to beat consensus production, sales volume and revenue estimates for the quarter, primarily driven by higher LNG sales at the North West Shelf." The broker is forecasting total production of 51.1mmboe (cons. 50.6mmboe) and total revenue of US$3,592 million (cons. US$3,457 million) for the quarter.
