On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and recorded a decent gain. The benchmark rose 0.3% to 7,077.6 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to sink
The Australian share market looks set to open the day deep in the red on Thursday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 77 points or 1.1% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.85%, the S&P 500 is down 1.25%, and the NASDAQ is 1.6% lower. Soaring treasury yields are weighing on the market.
Oil prices charge higher
It could be a good session for ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 2.1% to US$88.45 a barrel and the Brent crude oil price is up 1.75% to US$91.48 a barrel. Stronger-than-expected demand in the US boost prices. In other news, Santos Ltd (ASX: STO) will be releasing its quarterly update this morning.
Buy BHP shares
The team at Goldman Sachs thinks investors should be buying BHP Group Ltd (ASX: BHP) shares. This morning, in response to the mining giant's quarterly update, the broker has retained its buy rating with an improved price target of $46.50. The broker said: "BHP reported a stronger than expected Sep Q operating result despite the usual scheduled maintenance in 1Q across most assets."
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good session after the gold price raced higher overnight. According to CNBC, the spot gold price is up 1.4% to US$1,962.9 an ounce. Increased safe haven demand is supporting gold.
The Telix Pharmaceuticals Ltd (ASX: TLX) share price will be one to watch on Thursday. That's because after the market close yesterday, the radiopharmaceutical company released its third-quarter update and reported a 10.7% quarter on quarter increase in revenue to $133.6 million. This was driven by strong demand for its Illuccix product.