5 things to watch on the ASX 200 on Thursday
On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.45% to 9,209.4 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to fall
It looks set to be a subdued session for Australian investors on Thursday following a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.2% lower this morning. In the United States, the Dow Jones edged lower, but the S&P 500 rose 0.25% and the Nasdaq climbed 0.55%.
ASX 200 result releases
Earnings season is going up a gear on Thursday with a large number of ASX 200 shares due to release their results. This includes Telstra Group Ltd (ASX: TLS), Insurance Australia Group Ltd (ASX: IAG), Origin Energy Ltd (ASX: ORG), ASX Ltd (ASX: ASX), and Treasury Wine Estates Ltd (ASX: TWE).
Oil prices soften
ASX 200 energy shares Woodside Energy Group Ltd (ASX: WDS) and Santos Ltd (ASX: STO) could have a soft session after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down 0.4% to US$82.86 a barrel and the Brent crude oil price is down 0.35% to US$88.61 a barrel. This was despite reports of vessel attacks in the Gulf of Oman.
SEEK shares downgraded
SEEK Ltd (ASX: SEK) shares are fully valued according to analysts at Bell Potter. This morning, in response to its full-year results, the broker has downgraded the job listings giant's shares to a hold rating with a reduced price target of $15.20 (from $18.58). It explained: "We downgrade to Hold and await a positive shift in sentiment or visibility on jobs volumes recovery; similarly, we suspect a potential growth fund catalyst is a 2H27 story. SEK appears to be improving operations to sustainably target 10% yield growth on top of strong cost controls, however, despite trading at deep value ex. Growth Fund, macro-based headwinds suggest difficult sentiment near-term for the stock."
Gold price rises
It could be a positive session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price rose again overnight. According to CNBC, the gold futures price is up 0.7% to US$4,471.9 an ounce. The precious metal continued its rise after US inflation data reduced rate hike bets.
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 Treasury Wine Estates and Woodside Energy Group Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Treasury Wine Estates. The Motley Fool Australia has positions in and has recommended Telstra Group and Treasury Wine Estates. 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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