On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was able to record a small gain despite weakness in the banking sector. The benchmark index rose 0.35% to 7,121.1 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to tumble on Thursday following a disappointing night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 53 points or 0.75% lower this morning. On Wall Street, the Dow Jones fell 0.8%, the S&P 500 dropped 1.1%, and the Nasdaq tumbled 0.7%. This was driven by concerns that rising oil prices could stifle economic growth.
Miners likely to fall
It could be a tough day for the mining sector after BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) saw their US listed shares tumble overnight. Both mining giant's dropped approximately 2.5% due to the weakening global economic outlook because of rising inflation.
Oil prices storm higher
It could be a good day for energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices continued their ascent overnight. According to Bloomberg, the WTI crude oil price is up 2.6% to US$122.56 a barrel and the Brent crude oil price is up 2.9% to US$124.02 a barrel. Oil jumped to a 13-week high on rising US gasoline demand.
Gold price edges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.15% to US$1,854.70 an ounce. The precious metal rose amid concerns over global growth.
St Barbara acquisition talks
The St Barbara Ltd (ASX: SBM) share price will be one to watch after $380 million Genesis Minerals Ltd (ASX: GMD) confirmed that it had been in acquisition talks with the gold miner. However, these talks have now concluded and St Barbara has yet to make a takeover offer. Genesis is a gold explorer with a project in close proximity to St Barbara's Leonora operation.
