On Wednesday the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and tumbled lower. The benchmark index fell 0.3% to 7,270.2 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
The Australian share market looks set to extend its decline on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% lower this morning. This follows a poor night of trade on Wall Street, which saw the Dow Jones fall 0.4%, the S&P 500 drop 0.2%, and the Nasdaq edge 0.1% lower.
Carsales has major growth opportunity
The Carsales.Com Ltd (ASX: CAR) share price will be on watch today after being the subject of a positive broker note out of Goldman Sachs. It commented: "We believe there is a significant opportunity for CAR to capitalize on its dominant market position and evolve from a listing based advertising platform, into a much more holistic marketplace model […] We estimate that CAR dealer revenues currently represent just 2.7% of the A$5.4bn dealer GP market."
Oil prices fall
Energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices softened. According to Bloomberg, the WTI crude oil price is down 0.5% to US$69.71 a barrel and the Brent crude oil price has fallen 0.3% to US$72.00 a barrel. Weaker than anticipated fuel demand in the US weighed on prices.
Gold price edges lower
Gold miners Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) could trade lower today after the gold price weakened overnight. According to CNBC, the spot gold price is down 0.15% to US$1,891.50 an ounce. Traders appear nervous ahead of tonight's US inflation data release.
Iron ore price rises
The BHP Group Ltd (ASX: BHP) share price could be given a boost today by rising iron ore prices. According to Metal Bulletin, the steel making ingredient has extended its recent gains and was up a further 1.5% to US$212.67 a tonne overnight.
