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:
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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.
