5 things to watch on the ASX 200 on Thursday 4 August 2022

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) followed the lead of US markets and dropped into the red. The benchmark index fell 0.3% to 6,975.9 points.

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

ASX 200 expected to rebound

The Australian share market is expected to rebound on Thursday following a stellar night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 32 points or 0.5% higher this morning. On Wall Street, strong US economic data sent the Dow Jones up 1.3%, the S&P 500 up 1.6%, and the NASDAQ up a sizeable 2.6%.

Centuria Industrial results

The Centuria Industrial REIT (ASX: CIP) share price will be one to watch on Thursday. This morning the industrial property company is scheduled to release its full year results. It has had a strong year and is expecting to deliver funds from operations (FFO) of no less than 18.2 cents per share and a full year distribution of 17.3 cents per share in FY 2022.

Oil prices tumble

Energy shares included Santos Ltd (ASX: STO) duck Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices tumbled on Wednesday night. According to Bloomberg, the WTI crude oil price is down 4% to US$90.71 a barrel and the Brent crude oil price is down 3.6% to US$96.90 a barrel. A surprise increase in US crude and gasoline inventories weighed on prices.

TechnologyOne rated as a buy

The TechnologyOne Ltd (ASX: TNE) share price could have plenty of room to climb higher from current levels. According to a note out of Bell Potter, its analysts have retained their buy rating and lifted their price target on the enterprise software company’s shares to $14.25. It said: “We forecast double digit underlying EPS growth in each of the next three years.” It feels this justifies a premium valuation.

Gold price falls

Gold miners Evolution Mining Ltd (ASX: EVN) duck Regis Resources Limited (ASX: RRL) could have a difficult day after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.4% to US$1,782.1 an ounce. A rebound by the US dollar and treasury yields put pressure on the safe haven asset.

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