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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) fought hard but was unable to finish in positive territory. The benchmark index edged 0.1% lower to 8,717.1 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to edge higher on Wednesday despite a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points higher this morning. In late trade in the United States, the Dow Jones is down 0.1%, and the S&P 500 and Nasdaq are both trading flat.
Oil prices mixed
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.1% to US$58.02 a barrel and the Brent crude oil price is up 0.1% to US$61.97 a barrel. This was driven by fading Russia-Ukraine peace hopes and rising tensions in Yemen.
ASX 200 to close early
Today is of course New Year’s Eve, which means an early finish for Aussie investors and the ASX 200 index. The Australian share market will close two hours earlier than normal at 14.10 Sydney time. It will then be closed for the New Year’s Day public holiday before reopening on Friday morning as normal.
Gold price rebounds
ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session on Wednesday after the gold price rebounded overnight. According to CNBC, the gold futures price is up 0.85% to US$4,379.9 an ounce. Both gold and silver rebounded after a selloff a day earlier caused by profit-taking.
BHP and Rio Tinto expected to rise
It looks set to be a decent finish to the year for BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) shares. Both mining giants’ NYSE listed shares are pushing higher during late trade in the United States. This will bring to an end a successful year for shareholders of both miners. BHP shares are on course to record a 13% gain in 2025 and Rio Tinto shares are heading for a 24% gain for the year.