On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and charging higher. The benchmark index rose 0.7% to 8,057.9 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 fall
The Australian share market looks set to fall on Thursday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 41 points or 0.5% lower this morning. In the United States, the Dow Jones was up 0.6%, but the S&P 500 fell 1.4% and the Nasdaq dropped 2.8%.
Oil prices charge higher
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 2.6% to US$82.89 a barrel and the Brent crude oil price is up 1.6% to US$85.09 a barrel. A large drop in US inventories boosted prices.
Buy BHP shares
Goldman Sachs thinks BHP Group Ltd (ASX: BHP) shares are good value at current levels. In response to the mining giant's fourth quarter update, the broker has retained its buy rating and $48.40 price target on its shares. This implies potential upside of over 13% for investors from current levels. It said: "After reflecting the June Q and financial disclosures ahead of the result, there is little change to our EBITDA forecasts; FY26 EPS increases 2% on minor changes to D&A and net interest."
Gold price eases
It could be a subdued session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price eased lower overnight. According to CNBC, the spot gold price is down 0.15% to US$2,464.3 an ounce. This appears to have been driven by profit taking after the gold price reached a record high a day earlier.
Fortescue job cuts
Fortescue Ltd (ASX: FMG) shares will be on watch today after the miner announced major job cuts. While the company "remains resolute in its commitment to be the world's leading green technology, energy and metals company", it revealed that "initiatives are being implemented to simplify its structure, remove duplication and deliver cost efficiencies." In light of this and in order to deliver on its strategy and generate the maximum value for shareholders, approximately 700 people from across Fortescue's global operations will be offered redundancies.
