On Wednesday, the S&P/ASX 200 Index (ASX: XJO) fought hard but fell just short of positive territory. The benchmark index edged 0.1% lower to 7,316.3 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market is expected to have a poor session on Thursday after a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 0.7% lower this morning. In the United States, the Dow Jones fell 0.7% and the S&P 500 fell 0.4%, but the NASDAQ rose 0.4%.
Pilbara Minerals update
Pilbara Minerals Ltd (ASX: PLS) shares will be on watch today when the lithium giant releases its third-quarter update. The consensus estimate is for spodumene production of 148kt for the three months. This will be down from 162kt during the second quarter. In addition, the market is expecting an average realised spodumene price of US$5,209 per tonne.
Oil prices sink
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could come under pressure after oil prices fell on Wednesday night. According to Bloomberg, the WTI crude oil price is down 3.6% to US$74.32 a barrel and the Brent crude oil price is down 3.8% to US$77.62 a barrel. US recession concerns weighed on prices.
CBA shares rated as a hold
The Commonwealth Bank of Australia (ASX: CBA) share price may be fully valued at current levels. That's the view of analysts at Morgans, which have reiterated their hold rating with an improved price target of $97.87. This is broadly in-line with where Australia largest bank's shares are currently trading.
Gold price edges lower
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued session after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.35% to US$1,997.6 an ounce.
