On Wednesday the S&P/ASX 200 Index (ASX: XJO) was out of form again and dropped notably lower. The benchmark index fell 0.7% to 7,369.9 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
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ASX 200 expected to edge lower
The Australian share market looks set to edge lower on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% lower this morning. This follows a poor night on Wall Street, which in late trade sees the Dow Jones down 0.6%, the S&P 500 down 0.2%, and the Nasdaq down 0.25%.
Oil prices sink
Energy shares including Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could come under pressure today after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.2% to US$78.18 a barrel and the Brent crude oil price has fallen 2.6% to US$80.30 a barrel. Oversupply warnings and rising COVID cases have weighed on prices.
Aristocrat's full year results
The Aristocrat Leisure Limited (ASX: ALL) share price will be one to watch on Thursday when it releases its full year results. A recent note out of Goldman Sachs reveals that its analysts are forecasting revenue of $4,593.1 million and EBITDA of $1,521.4 million. The latter will be up 47.7% over the prior corresponding period.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a solid day after the gold price pushed higher. According to CNBC, the spot gold price is up 0.7% to US$1,866.7 an ounce. Inflation concerns gave the gold price a boost.
CBA rated as a sell
The Commonwealth Bank of Australia (ASX: CBA) share price fell heavily on Wednesday following the release of a disappointing first quarter update. In response to the update, the team at Goldman Sachs has retained its sell rating and cut the price on the banking giant's shares to $81.74. The broker commented: "While CBA undoubtedly remains the preeminent retail banking franchise in Australia, today's trading update highlighted that even it is not immune from the profitability pressures."
