5 things to watch on the ASX 200 on Thursday

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) fought hard but fell short at the final hurdle and slipped into the red. The benchmark index fell slightly to 7,605.6 points.

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

ASX 200 expected to tumble

The Australian share market looks set for a better session on Thursday despite a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.25% higher this morning. In the United States, the Dow Jones was down 0.1%, the S&P 500 fell 0.6%, and the Nasdaq tumbled 1.15%. This was driven partly by weakness in the semiconductor industry.

Oil prices sink

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough session after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 2.9% to US$82.90 a barrel and the Brent crude oil price is down 2.8% to US$87.53 a barrel. Traders have been selling oil amid easing concerns of a wider war between Israel and Iran that could disrupt supplies.

BHP quarterly update

It could be worth watching the BHP Group Ltd (ASX: BHP) share price on Thursday when the mining giant releases its quarterly update. The consensus estimate is for iron ore shipments of 70.2Mt for the three months. In addition, copper production is expected come in at 459kt and metallurgical coal production is expected to be 6.8Mt for the quarter.

Telix delivers strong sales growth

The Telix Pharmaceuticals Ltd (ASX: TLX) share price will be one to watch closely today. That’s because the radiopharmaceuticals company released its quarterly results after the market close on Wednesday and reported further strong sales growth. The company posted total revenue of US$114.9 million (A$175 million), which is an increase of 18% on US$97.1 million (A$148.1 million) in the prior quarter. This was driven primarily from sales of Telix’s prostate cancer imaging product Illuccix.

Gold price falls

It looks set to be a tough session for ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price slumped overnight. According to CNBC, the spot gold price is down 0.8% to US$2,388.6 an ounce. Easing tensions between Israel and Iran put pressure on the safe haven asset.

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Motley Fool contributor James Mickleboro has positions in Telix Pharmaceuticals and Woodside Energy Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.