On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark index rose 0.7% to 7,251.3 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 fall on Thursday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 64 points or 0.9% lower this morning. In late trade in the United States, the Dow Jones is down 1%, the S&P 500 has fallen 1.15% and the NASDAQ has tumbled 1.45%. This follows the US Federal Reserve's decision to raise interest rates by 0.5% overnight. The central bank also revealed via its "dot-plot" that it sees rates peaking at 5.1%.
Oil prices rise again
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have another positive day after oil prices rose again on Wednesday night. According to Bloomberg, the WTI crude oil price is up 2.5% to US$77.24 a barrel and the Brent crude oil price is up 2.4% to US$82.64 a barrel. Oil prices climbed following forecasts for a lift in demand in 2023.
Pilbara Minerals rated as a hold
The Pilbara Minerals Ltd (ASX: PLS) share price may have peaked for the time being according to analysts at Morgans. Especially with lithium prices potentially pulling back in FY 2024. This morning, the broker has initiated coverage on the lithium miner's shares with a hold rating and $4.70 price target. Morgans commented: "Our view is that lithium prices can remain strong into CY23 as the company pursues volume growth but the risk of a commodity pullback will grow in FY24."
MinRes appoints former cricketer
The Mineral Resources Ltd (ASX: MIN) share price will be one to watch on Wednesday. This follows the bizarre appointment of former Australian cricketer and coach Justin Langer as a non-executive director. MinRes' Chairman, James McClements, said: "Our Board places a high premium on diversity of experience. As MinRes expands and develops, we believe that bringing in a breadth of expertise and knowledge is key to our success."
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a difficult day after the gold price fell overnight. According to CNBC, the spot gold price is down 0.7% to US$1,812.4 an ounce. Gold fell after the US Federal Reserve lifted rates.
