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On Wednesday, the S & P / ASX 200 index (ASX: XJO) was able to make a small gain despite the weakness of the banking sector. The benchmark rose 0.35% to 7,121.1 points.
Will the market be able to take advantage of this on Thursday? Here are five things to see:
ASX 200 is expected to drop
The Australian stock market looks set to fall on Thursday after a disappointing night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 53 points or 0.75% lower this morning. On Wall Street, the Dow Jones fell 0.8%, the S&P 500 fell 1.1% and the Nasdaq fell 0.7%. This was motivated by concerns that rising oil prices could stifle economic growth.
Miners can fall
It could be a difficult day for the mining industry after BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) saw their US listed shares fall overnight. The two mining giants fell by about 2.5% due to the weakening of the global economic outlook due to rising inflation.
The price of oil goes up
It could be a good day for energy stocks, such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS), after oil prices continue to rise overnight. According to Bloomberg, the price of WTI crude oil is up 2.6% to $ 122.56 a barrel and the price of Brent crude is up 2.9% to $ 124.02 a barrel. Oil jumped to a 13-week high due to rising U.S. gasoline demand.
The price of gold is rising
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be pending after the price of gold has risen overnight. According to CNBC, the price of spot gold has risen 0.15% to $ 1,854.70 an ounce. Precious metal rose amid concerns about global growth.
Talks on the acquisition of Santa Bàrbara
St Barbara Ltd’s (ASX: SBM) share price will be monitored after $ 380 million Genesis Minerals Ltd (ASX: GMD) confirmed it had been in acquisition talks with the gold miner. However, these talks have already been concluded and Santa Bárbara has not yet made an offer to acquire. Genesis is a gold digger with a project very close to Operation Leonora of Santa Barbara.