On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was in fine form and pushed higher. The benchmark index rose 0.55% to 8,966.3 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to tumble
It looks set to be a disappointing session for Australian investors on Thursday after a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 72 points or 0.8% lower this morning. In the United States, the Dow Jones was down 1%, the S&P 500 fell 1.2%, and the Nasdaq tumbled 1.35%.
Hold Accent shares
Accent Group Ltd (ASX: AX1) shares are almost fully valued according to analysts at Bell Potter. This morning, in response to a takeover approach, the broker has retained its hold rating on the footwear retailer's shares with an improved price target of 80 cents (from 60 cents). It said: "We see this as an opportunistic bid at a time when AX1 navigates cyclical low macroeconomic conditions especially in its key lifestyle footwear market (~60% of the group) with the broader category trending flat to negative in Australia and multiple earnings downgrades resulted from weak market conditions & poor performance from non-core businesses."
Oil prices ease
It could be a subdued session for ASX 200 energy shares Woodside Energy Group Ltd (ASX: WDS) and Santos Ltd (ASX: STO) after oil prices eased further overnight. According to Bloomberg, the WTI crude oil price is down 0.1% to US$75.96 a barrel and the Brent crude oil price is down 0.1% to US$78.88 a barrel. Traders have been selling oil since the US and Iran agreed to a peace deal.
BHP and Rio Tinto shares on watch
BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) shares could have a poor session on Thursday after their NYSE-listed shares dropped on Wall Street overnight. BHP shares were down almost 2.5% and Rio Tinto shares were down almost 3%. This may have been driven by a pullback in commodity prices, including a 2.1% decline in the copper price.
Gold price sinks
It could be a poor session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price sank overnight. According to CNBC, the gold futures price is down 1.8% to US$4,227.3 an ounce. This was despite the US Federal Reserve keeping interest rates on hold overnight. This was the first policy decision under new chair Kevin Warsh.
The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Accent Group and Woodside Energy Group Ltd. 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 recommended Accent Group and BHP Group. 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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