On Wednesday, the S&P/ASX 200 Index (ASX: XJO) continued its winning streak with another decent gain. The benchmark index rose 0.5% to 7,343.9 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to edge lower
The Australian share market is expected to have a subdued session on Thursday after a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 2 points lower this morning. In the United States, the Dow Jones dropped 0.1%, the S&P 500 fell 0.4%, and the NASDAQ dropped 0.85%. This was driven by recession concerns, which offset positive inflation news in the US.
BHP-OZ Minerals scheme meeting
All eyes will be on BHP Group Ltd (ASX: BHP) and OZ Minerals Limited (ASX: OZL) shares on Thursday. That's because the latter will be holding a scheme meeting to allow shareholders to vote on BHP's proposed takeover of the copper miner for $28.25 per share or $9.8 billion. The meeting will begin at 10:30am AEST.
Oil prices storm higher
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a strong session after oil prices stormed higher on Wednesday night. According to Bloomberg, the WTI crude oil price is up 2.1% to US$83.21 a barrel and the Brent crude oil price is up 1.9% to US$87.19 a barrel. This was driven by a lower than expected inflation reading in the United States.
Mineral Resources rated as a buy
The Mineral Resources Ltd (ASX: MIN) share price could be a top option for investors looking for exposure to the mining sector. That's the view of analysts at Bell Potter, which have just retained their buy rating with a trimmed price target of $100. It explained: "We reduce our Target Price by 9.1%, driven by reductions to our lithium price forecasts, and maintain our Buy recommendation in accordance with our ratings structure, given our forecast TSR of 31.8%."
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent session after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.45% to US$2,028 an ounce. Gold rose after US inflation came in softer than forecast, sparking hopes that the US Fed could pause its rate hikes.
