On Wednesday the S&P/ASX 200 Index (ASX: XJO) faded as the day went on but managed to record a small gain. The benchmark index rose 0.1% to 7,386.2 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to rise again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.2% higher this morning. This is despite it being a poor night of trade on Wall Street, which saw the Dow Jones fall 0.8%, the S&P 500 drop 0.55%, and the Nasdaq fall 0.25%.
US Fed brings forward rate hike plans
The weakness on Wall Street was driven by news that the US Federal Reserve has raised its expectations for inflation and brought forward the timeframe for when it will next raise interest rates. According to CNBC, officials indicated that rate hikes could come as soon as 2023, after previously saying in March that they saw no increases happening until at least 2024.
Oil prices mixed
Energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.4% to US$71.85 a barrel and the Brent crude oil price has risen 0.1% to US$74.04 a barrel. The latter is closing in on a multi-year high.
Gold price sinks
Gold miners Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) could tumble lower today after the gold price sank overnight. According to CNBC, the spot gold price is down 1.4% to US$1,830.60 an ounce. News that the US Federal Reserve has brought forward its rate hike plans has hit the precious metal hard.
Coles Strategy Day
The Coles Group Ltd (ASX: COL) share price will be one to watch today. This morning the supermarket giant is holding its virtual Strategy Day. As well as providing an update on the progress it is making with its Refreshed Strategy, it could potentially include a sales update for investors.
