On Wednesday, the S&P/ASX 200 Index (ASX: XJO) edged lower amid recession concerns. The benchmark fell 0.15% to 7,118 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
The Australian share market is expected to have a subdued session on Thursday after a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 14 points or 0.2% lower this morning. In the United States, the Dow Jones rose 0.3%, but the S&P 500 dropped 0.4% and the NASDAQ tumbled 1.3%.
ASX 200 retail shares downgraded
Goldman Sachs has been looking at the retail sector and has decided to downgrade two ASX 200 retail shares this morning. Harvey Norman Holdings Limited (ASX: HVN) shares are down to neutral and Premier Investments Limited (ASX: PMV) shares are down to sell. The broker expects: "Discretionary goods [to] further decline at 6.4% CAGR from FY23-25 (vs -1.7% in FY22-24e)."
Oil prices rise
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good session after oil prices rose on Wednesday night. According to Bloomberg, the WTI crude oil price is up 1.2% to US$72.58 a barrel and the Brent crude oil price is up 0.85% to US$76.94 a barrel. Saudi production cuts have been supporting prices.
Boral update
The Boral Limited (ASX: BLD) share price will be on watch today following the release of a trading update from the building materials company after the market close yesterday. It said: "We have seen price traction across all regions and all product lines. Our EBIT run rate in 2HFY23 is ahead of 1HFY23 and is expected to remain so for the full year."
Gold price tumbles
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a tough session after the gold price tumbled overnight. According to CNBC, the spot gold price is down 1.2% to US$1,957.2 an ounce. Rising US bond yields put pressure on the precious metal.
