On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and raced higher. The benchmark index rose 1.6% to 7,059.2 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to rise on Thursday despite a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.15% higher this morning. In late trade in the United States, the Dow Jones is down 0.1%, the S&P 500 has risen 0.1% and the NASDAQ has climbed 0.1%.
US Federal Reserve minutes
It has been a volatile night of trade on Wall Street. After starting the day in the red and then rebounding strongly, investors have started to hit the sell button again late in the session in response to the release of the US Federal Reserve's minutes from its December meeting. The Fed said: "In view of the persistent and unacceptably high level of inflation, several participants commented that historical experience cautioned against prematurely loosening monetary policy."
Oil prices sink again
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have another difficult day after oil prices sank again on Wednesday night. According to Bloomberg, the WTI crude oil price is down 4.5% to US$73.48 a barrel and the Brent crude oil price is down 4.6% to US$78.37 a barrel. Oil prices fell on global economic growth concerns.
Mining giants rise
It could be a positive session for mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) after their shares rose on Wall Street and the London Stock Exchange, respectively, overnight. Both miners have risen 1.5% at the time of writing, which bodes well for this morning's session.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good day after the gold price rose again overnight. According to CNBC, the spot gold price is up 0.6% to US$1,857 an ounce. Gold rose after the US dollar softened.
