On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.3 % to 7,086.4 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 fall again
The Australian share market looks set to fall again on Thursday following another poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 39 points or 0.55% lower this morning. In late trade in the United States, the Dow Jones is down 0.6%, the S&P 500 has fallen 0.7% and the NASDAQ has tumbled 1%.
Oil prices drop
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a difficult day after oil prices dropped on Wednesday night. According to Bloomberg, the WTI crude oil price is down 1.15% to US$78.60 a barrel and the Brent crude oil price is down 1.7% to US$82.87 a barrel. Oil prices fell on Chinese demand concerns.
Lithium miners fall again
It could be another red day for lithium miners such as Mineral Resources Ltd (ASX: MIN) and Pilbara Minerals Ltd (ASX: PLS). On Wall Street, US-listed lithium miners SQM and Albemarle are trading lower in late trade. Concerns over electric vehicle demand and lithium prices appear to be behind this.
Star rated neutral
The Star Entertainment Group Ltd (ASX: SGR) share price could be fully valued according to analysts at Goldman Sachs. This morning, the broker has retained its neutral rating but slashed its price target by 34% to $1.90. Goldman said: "The NSW government's proposed casino tax reforms pose a significant earnings risk for SGR's Sydney casino."
Gold price softens
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued day after the gold price softened overnight. According to CNBC, the spot gold price is down 0.5% to US$1,813.2 an ounce. A stronger US dollar put pressure on the precious metal.
