On Thursday, the S&P/ASX 200 Index (ASX: XJO) finished the month deep in the red. The benchmark index sank 2% to 6,568.1 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:
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ASX 200 expected to edge higher
The Australian share market looks set to open the day higher following less than feared declines on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 14 points or 0.2% higher this morning. In the United States, the Dow Jones fell 0.8%, the S&P 500 dropped 0.9%, and the Nasdaq tumbled 1.3%.
Oil prices tumble
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a difficult finish to the week after oil prices tumbled. According to Bloomberg, the WTI crude oil price is down 3.6% to US$105.84 a barrel and the Brent crude oil price is down 1.2% to US$114.88 a barrel. Recession fears and confirmation that OPEC will increase production in August weighed on prices.
Twiggy raids Regis Resources
The Regis Resources Limited (ASX: RRL) share price will be one to watch on Friday amid reports that Andrew 'Twiggy' Forrest was seeking to acquire an additional 15% stake in the gold miner yesterday. The AFR understands that Twiggy was willing to pay upwards of $1.48 per share for Regis shares, which represents a 13.8% premium.
Gold price drops
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a soft finish to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.55% to US$1,807.20 an ounce. Hawkish rhetoric from central banks has reduced the appeal of the non-yielding asset.
AVZ Minerals shares due to return
The Avz Minerals Ltd (ASX: AVZ) share price is scheduled to return from its lengthy suspension on Friday. The lithium developer is currently battling legal action from a Chinese company that claims it owns a stake in the Manono Lithium project. There are fears that AVZ could end up owning as little as 36% of the project. It is worth noting that management could extend its suspension yet again if the matter is not resolved.
