5 things to watch on the ASX 200 on Thursday

MotleyFool
2024-11-21

On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a poor session and dropped into the red. The benchmark index fell 0.6% to 8,326.3 points.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected to fall again

The Australian share market looks set for another subdued session on Thursday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.3% lower this morning. In late trade in the United States, the Dow Jones is down 0.2%, the S&P 500 is down 0.6%, and the Nasdaq is 0.95% lower. Though, a big earnings release after the market close on Wall Street could have a major impact on investor sentiment and the day ahead for Aussie investors.

Annual general meetings

It will be another busy day of annual general meetings (AGMs) on Thursday with a large group of ASX 200 shares holding their events. It is possible that these companies will provide the market with trading updates ahead of their meetings. Among the companies holding AGMs are Evolution Mining Ltd (ASX: EVN), Hub24 Ltd (ASX: HUB), Insignia Financial Ltd (ASX: IFL), Mineral Resources Ltd (ASX: MIN), and Qube Holdings Ltd (ASX: QUB).

Oil prices fall

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) look set for a subdued session after oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is down 0.8% to US$68.83 a barrel and the Brent crude oil price is down 0.75% to US$72.75 a barrel. News of rising US crude supplies offset concerns over the potential disruption of oil supply from Russia.

Gold price rises

It could be a decent session for ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price rose overnight. According to CNBC, the gold futures price is up 0.85% to US$2,653.5 an ounce. Escalating tensions between Russia and Ukraine sent the gold price higher for a third day in a row.

Web Travel shares return

Web Travel Group Ltd (ASX: WEB) shares will be on watch this morning when the business to business travel technology company returns from a suspension. However, Web Travel won't be releasing its half year results just yet as its auditor Deloitte requires more time to finalise them. This follows a "requirement to change the application of an accounting standard in respect of the recognition of supplier liabilities." It adds that "the change has now been determined not to be material to the Company's earnings and financial position."

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