5 things to watch on the ASX 200 on Thursday

The ASX 200 looks set to have a great day…

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and ended the day in the red. The benchmark index fell 0.15% to 7,304.7 points.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected to rebound

The Australian share market looks set to rebound on Thursday following an excellent night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 38 points or 0.5% higher this morning. On Wall Street, the Dow Jones rose 2.8%, the S&P 500 climbed 3% and the Nasdaq traded 3.2% higher. Investors were betting on the Federal Reserve taming inflation without causing an economic slowdown.

NAB half-year results

The National Australia Bank Ltd (ASX: NAB) share price will be one to watch when the banking giant releases its half-year results. According to a note out of Goldman Sachs, its analysts expect NAB to report first half cash earnings before one-offs of $3,545 million. This will be a 6% increase on the prior corresponding period. As for dividends, the broker expects the NAB board to declare a fully franked interim dividend of 72 cents per share. This will be a 20% increase on the same period last year.

Oil prices surge

It could be a very good day for energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices surged higher. According to Bloomberg, the WTI crude oil price is up 5.4% to US$107.95 a barrel and the Brent crude oil price is up 5.2% to US$110.41 a barrel. The prospect of a European ban on Russian oil drove prices higher.

ANZ shares downgraded

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price could be close to being fully valued according to analysts at Goldman Sachs. In response to its half-year results, the broker has downgraded the bank’s shares to a neutral rating with a $29.84 price target. Goldman believes the removal of ANZ’s cost reduction target has removed valuation support.

Gold price tumbles

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.9% to US$1,886.60 an ounce. Inflation risks gave the precious metal a boost.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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 no position in any of the stocks mentioned. 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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