On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had another disappointing session and dropped into the red. The benchmark fell 0.5% to 7,199.2 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 rebound
The Australian share market is expected to have a strong session on Thursday after a stellar night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 40 points or 0.55% higher this morning. In the United States, the Dow Jones rose 1.25%, the S&P 500 climbed 1.2% and the NASDAQ jumped 1.3%. Optimism over a US debt ceiling deal being reached gave stocks a boost.
Xero FY 2023 results
The Xero Limited (ASX: XRO) share price will be on watch today when the cloud accounting platform provider releases its full-year results. According to a note out of Goldman Sachs, its analysts are expecting FY 2023 revenue growth of 29% to NZ$1,410 million and EBITDA of NZ$295 million. It also expects "operating expenses (as % sale) to be lower end of 80-85% range (GSe 81.6%) and c.80% in 2H23 (GSe. 79.5%)." Goldman is then looking for FY 2024 guidance of 17% revenue growth to NZ$1.65 billion.
Oil prices jump
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a great session after oil prices stormed higher on Wednesday night. According to Bloomberg, the WTI crude oil price is up 2.7% to US$72.76 a barrel and the Brent crude oil price is up 2.7% to US$76.90 a barrel. The US debt ceiling deal optimism also boosted oil prices.
Virgin Money shares go ex-dividend
The Virgin Money UK PLC (ASX: VUK) share price is likely to trade lower on Thursday. That's because the UK bank's shares are going ex-dividend this morning for its interim dividend of 6.2 cents per share. Eligible shareholders can look forward to receiving this dividend in a little over a month on 21 June.
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued session after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.3% to US$1,986.7 an ounce. Hawkish cues from US Fed officials put pressure on gold.
