On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark rose 0.3% to 7,135.7 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
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ASX 200 expected to storm higher
The Australian share market is expected to have a strong session on Thursday after a solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 61 points or 0.85% higher this morning. In the United States, the Dow Jones rose 0.25%, the S&P 500 climbed 0.75% and the NASDAQ jumped 1.15%.
US inflation report
The ASX 200 index is expected to rise today after US inflation came in significantly lower than expected. According to CNBC, the consumer price index rose just 0.2% in June and was up 3% year on year. This is the lowest level since all the way back in March 2021. This has sparked hopes that further rate hikes may not be required.
BHP expected to rise
The BHP Group Ltd (ASX: BHP) share price looks set to climb on Thursday after a strong night on Wall Street for its US-listed shares. They rose 3% overnight after iron ore prices increased by the same level. Rio Tinto Ltd (ASX: RIO) shares are also likely to have a strong session today.
Oil prices rise
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices rose on Wednesday night. According to Bloomberg, the WTI crude oil price is up 1.45% to US$75.91 a barrel and the Brent crude oil price is up 1.1% to US$80.29 a barrel. Positive US inflation data boosted prices.
Gold price jumps
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a great session after the gold price rose overnight. According to CNBC, the spot gold price is up 1.35% to US$1,963.5 an ounce. This follows a decline in the US dollar and bond yields after US inflation cooled.
