On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was able to record a small gain. The benchmark index rose 0.25% to 7,699.8 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to fall on Thursday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.2% lower this morning. In the United States, the Dow Jones was down 0.6%, the S&P 500 fell 0.8% and the Nasdaq tumbled 1.05%.
Oil prices charge higher
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 3% to US$75.38 a barrel and the Brent crude oil price is up 2.6% to US$78.46 a barrel. This was driven by rising tensions in the Middle East.
Earnings season gathers pace
It has been a slow start to earnings season, but things will be going up a notch on Thursday when a host of ASX 200 shares releases their results. Among the names releasing full year results are financial services company AMP Ltd (ASX: AMP), property company Mirvac Group (ASX: MGR), and toll road giant Transurban Group (ASX: TCL).
Gold price eases
It could be a subdued session for ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price eased lower overnight. According to CNBC, the spot gold price is down 0.25% to US$2,425.3 an ounce. This was despite rising geopolitical tensions and rate cut optimism.
Buy REA shares
REA Group Ltd (ASX: REA) shares could be great value according to analysts at Bell Potter. This morning, the broker upgraded the property listings company's shares to a buy rating with an improved price target of $218.00. It said: "Following recent industry data releases we have reviewed our FY24/25 forecasts and anticipate a strong FY24 performance at the result on 9 th August, driven by potential listings growth above REA commentary for a 5-7% range (BPe: 8%) and positive geo mix (BPe: 2.5%) from outperformance in key Syd/Mel markets."
