On Wednesday, the S&P/ASX 200 Index (ASX: XJO) gave back its early gains to end the day in the red. The benchmark index dropped 0.2% to 6,508.5 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market is expected to rebound on Thursday following a better than feared night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 31 points or 0.5% higher this morning. On Wall Street, the Dow Jones was down 0.15%, the S&P 500 fell 0.1%, and the Nasdaq edged 0.15% lower.
Iron ore miners on watch
Mining giants BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: FMG) could have a bad day on Thursday after the iron ore price continued its decline. According to Metal Bulletin, the benchmark iron ore price has fallen a further 5.5% to US$109.40 a tonne. This led to the NYSE listed BHP and Rio Tinto shares falling around 4% overnight.
Oil prices tumble
It could be a tough day for energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 3.9% to US$105.25 a barrel and the Brent crude oil price is down 3.4% to US$110.72 a barrel. This was driven by fears that the US could fall into a recession and lessen demand for oil.
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 0.05% to US$1,840 an ounce. The precious metal firmed amid growing recession fears.
ANZ-MYOB rumours intensify
Rumours that Australia and New Zealand Banking Group Ltd (ASX: ANZ) is planning to acquire accounting software company MYOB are growing louder. According to the AFR, the bank has appointed Macquarie and UBS to help it run the numbers. If a deal is struck, it is expected to be for several billion dollars.