5 things to watch on the ASX 200 on Thursday

On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form again. The benchmark index fell 0.3% to 7,393.1 points. Will …

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form again. The benchmark index fell 0.3% to 7,393.1 points.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected to fall again

The Australian share market looks set to fall again on Thursday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 38 points or 0.5% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.4%, the S&P 500 has fallen 0.8%, and the Nasdaq is 0.95% lower. Rate cut doubts put pressure on markets.

Oil prices mixed

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is up 0.3% to US$72.63 a barrel and the Brent crude oil price is down 0.4% to US$77.96 a barrel. This follows the release of mixed economic data from China and the US.

BHP update

BHP Group Ltd (ASX: BHP) shares will be on watch on Thursday when the mining giant releases its second quarter update. The market is expecting iron ore shipments of 72.5Mt, which will be a 1% increase quarter on quarter. Elsewhere, copper production is expected to be down slightly to 454kt and met coal is expected to be up 23% to 6.9Mt.

Gold price tumbles

ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a poor day of trade after the gold price tumbled overnight. According to CNBC, the spot gold price is down 1.05% to US$2,008.9 an ounce. This was driven by rate cut doubts.

Albemarle sells down Liontown stake

The Liontown Resources Ltd (ASX: LTR) share price will be on watch today amid reports that Albemarle Corp (NYSE: ALB) is offloading its stake in the lithium developer following its failed $6.6 billion takeover. According to the AFR, the lithium giant was looking to sell the stake for a price of $1.26 to $1.32 per share. The former represents a 7.4% discount to its last close price.

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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