On Thursday, the S&P/ASX 200 Index (ASX: XJO) fought hard to grind out a small gain. The benchmark index rose 0.15% to 7,296.2 points.
Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:
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ASX 200 expected to sink
Unfortunately, the Australian share market looks set to end the week in the red after Russian-Ukraine tensions weighed on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 58 points or 0.8% lower this morning. In late trade on Wall Street, the Dow Jones is down 1.4%, the S&P 500 is down 1.6%, and the Nasdaq is down 2.2%.
QBE full year results
The QBE Australia Group Ltd (ASX: QBE) share price will be one to watch on Friday. This morning the insurance giant is due to release its full year results. According to a note out of Morgans, it expects QBE to deliver a below consensus net profit after tax of US$836 million. This compares to the market consensus of US$870 million.
Oil prices lower
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a poor day after oil prices dropped. According to Bloomberg, the WTI crude oil price is down 2.5% to US$91.30 a barrel and the Brent crude oil price is down 2.4% to US$92.52 a barrel. Oil prices dropped after US-Iran sanction talks progressed.
Gold price rises
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a good finish to the week after the gold price stormed higher. According to CNBC, the spot gold price is up 1% to US$1,902.50 an ounce. Russia-Ukraine tensions gave the safe haven asset a boost.
Inghams half year results
The Inghams Group Ltd (ASX: ING) share price will be in focus when it hands in its half year results. The poultry company is widely expected to report weak numbers due to the impact of lockdowns on some channels. Morgans commented: "In light of COVID challenges we expect ING to report a weak 1H22 result. With lockdowns in 1Q22 more widespread than the pcp, ING's higher margin channels were more materially affected, which would have impacted its margins."
