On Tuesday, the S&P/ASX 200 Index (ASX: XJO) finished the day with the smallest of gains. The benchmark index rose a fraction to 8,590.7 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 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 9 points or 0.1% lower this morning. In the United States, the Dow Jones was down 0.4%, the S&P 500 slipped 0.1% and the Nasdaq edged slightly higher.
Oil prices rise
ASX 200 energy shares 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$68.29 a barrel and the Brent crude oil price is up 0.75% to US$70.11 a barrel. Oil prices hit a two-week high on trade optimism and tight supply conditions.
Lifestyle Communities' legal blow
Lifestyle Communities Ltd (ASX: LIC) shares will be on watch today after the retirement communities company was hit with a major legal blow. The Victorian Civil and Administrative Tribunal (VCAT) has directed the company to scrap certain exit fees. In response, Lifestyle Communities advised that it "intends to appeal the decision and apply for a stay of the orders until after the appeal is heard." One small positive is that the "decision does not trigger a breach of the loan to value ratio or the interest cover ratio covenants in Lifestyle Communities lending agreements."
Gold price falls
It could be a tough session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price fell overnight. According to CNBC, the gold futures price is down 0.9% to US$3,311.9 an ounce. Traders were selling the safe haven asset on trade optimism.
Copper prices surge
All eyes will be on BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) shares today after copper futures surged overnight. According to CNBC, the copper futures price is up 9.4% to US$5.50 per pound. The catalyst for this was news that US President Donald Trump plans to impose a 50% tariff on copper imports.
