On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled lower. The benchmark index fell 0.7% to 7,105.9 points.
Will the market be able to bounce back from this on Friday and end the week on a high? Here are five things to watch:
Image Source: Getty Images
ASX 200 expected to jump
The Australian share market looks set to end the week on a positive note following a solid night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 69 points or 1% higher this morning. In the US, the Dow Jones was up 1.6%, the S&P 500 rose 2%, and the Nasdaq stormed 2.7%.
Appen takeover offer withdrawn
The Appen Ltd (ASX: APX) share price could come crashing back down to earth on Friday after Telus International withdrew its takeover approach without comment just hours after it was made public. In addition, the artificial intelligence data services company released a particularly poor trading update when revealing the takeover proposal. Now, all the focus will be on that.
Oil prices storm higher
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a very positive finish to the week after oil prices stormed higher. According to Bloomberg, the WTI crude oil price is up 3.2% to US$113.85 a barrel and the Brent crude oil price is up 2.75% to US$117.16 a barrel. Tight supplies and news that the EU is seeking a ban on Russian crude oil boosted prices.
Gold price edges higher
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a decent finish to the week after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.15% to US$1,849.3 an ounce. The gold price rose despite the US Fed's aggressive policy stance.
Westpac rated neutral
According to a note out of Goldman Sachs, its analysts have held firm with their neutral rating on Westpac Banking Corp (ASX: WBC) shares. Though, with a price target of $27.29, this implies material upside for investors. In response to the bank's super fund merger and asset management sale, Goldman said: "We view these transactions as entirely consistent with WBC's strategy of simplifying the overall group."
