On Wednesday the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and dropped lower for a second day in a row. The benchmark index fell 0.2% to 6,006.4 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to rebound.
It looks set to be a very positive day of trade for the ASX 200 after a strong night on Wall Street. According to the latest SPI futures, the benchmark index is expected rise 51 points or 0.85% at the open. On Wall Street the Dow Jones rose 0.6%, the S&P 500 jumped 1.25%, and the Nasdaq stormed 1.35% higher. This follows the U.S. Federal Reserve's decision to keep rates unchanged at close to zero.
Rio Tinto half year results.
The Rio Tinto Limited (ASX: RIO) share price will be on watch following the release of its half year results after the market close. Australia's largest iron ore producer posted a 6% decline in underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to US$9.6 billion and declared a US$1.55 a share interim dividend. According to a note out of Goldman Sachs, it was expecting underlying EBITDA of US$9.1 billion and a US$1.51 per share interim dividend. Also on watch will be Fortescue Metals Group Limited (ASX: FMG). It is due to hand in its quarterly update this morning.
Janus Henderson Q2 update.
The Janus Henderson Group PLC (ASX: JHG) share price could be on the move today following the release of its second quarter update after the market close. Janus Henderson reported assets under management (AUM) of US$336.7 billion at the end of June, which was up 14% compared to the prior quarter. This reflects an improvement in global markets, which was partially offset by net outflows of US$8.2 billion.
Oil prices push higher.
It could be a good day for energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.6% to US$41.29 a barrel and the Brent crude oil price rose 1.3% to US$43.79 a barrel. Traders were buying oil following a sharp drop in U.S. crude inventories.
Gold price storms higher.
Gold miners including Resolute Mining Limited (ASX: RSG) and Saracen Mineral Holdings Limited (ASX: SAR) will be on watch after the gold price climbed higher again. According to CNBC, the spot gold price is up 1% to US$1,964.40 an ounce. The precious metal was given a boost when the U.S. Federal Reserve kept rates close to zero.
