Market Wrap / 'miner' lift

It was another day of losses for the local market, as concerns about the US economy mounted. The S&P/ASX 200 tracked Wall Street lower, and ended at 8,585.20 points, down 0.16% this Wednesday.

Oil prices were hovering at near five-year lows as talk over Ukraine indicated an easing of the conflict. Woodside and Santos shares both closed lower.

Other commodities fared better however. Gold stocks jumped higher as Citi lifted its long-term gold price forecast. It flagged the US dollar status, and Fed independence risks as catalysts for the bullion in 2026.

Meanwhile, lithium miners were also higher after Tesla’s result showed a push in EVs and autonomous vehicles.

In company news, Treasury Wine Estates fell to a near 11-year low on a cancelled buyback, and bleak outlook. Meanwhile GrainCorp slumped by 15.4% on its lower annual harvest forecast. 

And in the C-Suite, The Star Entertainment soared 9.5% after naming Bruce Mathieson Jr. as new CEO.

Overnight, FOMC member Chris Waller is due to speak about the US economic outlook. Tomorrow, ANZ holds its AGM.