On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form and charged higher. The benchmark rose 0.85% to 6,838.3 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to open the day higher on Thursday following a stellar night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 38 points or 0.55% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.8%, the S&P 500 is up 1.15%, and the NASDAQ is 1.6% higher.
US interest rates decision
The US Federal Reserve has held its interest rate meeting and has decided to leave rates on hold at the target rate of 5.25%-5.50% for the second straight meeting. This went down well with financial markets. As did its commentary about the economy. It said: "Economic activity expanded at a strong pace in the third quarter."
Oil prices soften
It looks set to be a subdued session for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down 0.45% to US$80.65 a barrel and the Brent crude oil price is down 0.25% to US$84.82 a barrel. Oil prices hit three-week lows on demand concerns.
Treasury Wine shares to return
All eyes will be on Treasury Wine Estates Ltd (ASX: TWE) shares if they return from their trading halt. The wine giant has been raising funds to acquire DAOU Vineyards for US$900 million plus potential earnouts of up to US$100 million. Goldman Sachs believes the deal will be pro-forma earnings per share accretive by 3.6% to 6.8% in FY 2025. It has a buy rating and a $13.40 price target on its shares.
Gold price falls
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price fell overnight. According to CNBC, the spot gold price is down 0.25% to US$1,989.5 an ounce. Comments out of the US Fed indicating that rate hikes are not over appear to have put pressure on the gold price.
