On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark rose 0.3% to 7,161.7 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market is expected to have a decent session on Thursday after a relatively positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 21 points or 0.3% higher this morning. In the United States, the Dow Jones fell 0.7%, but the S&P 500 rose 0.1% and the NASDAQ pushed 0.4% higher.
US Fed pauses rate hikes
At its two-day meeting, the US Federal Reserve elected to pause its interest rate hikes at the target range of 5% to 5.25% after 10 successive increases. However, this may not be the end of hikes, with the central bank's dot plot revealing plans for two more increases before the end of the year. This would take interest rates to ~5.6%.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued session after oil prices pulled back on Wednesday night. According to Bloomberg, the WTI crude oil price is down 1% to US$68.71 a barrel and the Brent crude oil price is down 0.9% to US$73.61 a barrel. The prospect of further US rate hikes has put pressure on oil.
CSL rated neutral
Following its disappointing market update on Wednesday, Goldman Sachs has retained its neutral rating on CSL Limited (ASX: CSL) shares. The broker commented: "These revisions drive downgrades to our NPAT forecasts of (11)/(14)% between FY24/25E, driving a reduction in our TP to A$295."
Gold price edges lower
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a poor session after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.1% to US$1,957.4 an ounce. The safe haven came under pressure after the US Fed signalled that two more hikes were coming this year.
