On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was well and truly out of form and sank deep into the red. The benchmark index dropped 1.6% to 6,700.2 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 sink again
The Australian share market looks set to end the week in the red following two consecutive nights of sizeable declines on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 52 points or 0.8% lower this morning. In the United States, the Dow Jones was down 0.35%, the S&P 500 dropped 0.85%, and the Nasdaq tumbled 1.4% lower. Investors have been selling down stocks amid recession fears following another big hike from the US Federal Reserve on Wednesday night.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent finish to the week after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.7% to US$83.52 a barrel and the Brent crude oil price is up 0.6% to US$90.40 a barrel. Oil price rose on Russian supply concerns.
Coles rated as a sell
The Coles Group Ltd (ASX: COL) share price could be heading lower from current levels according to analysts at Goldman Sachs. This morning the broker has retained its sell rating and $15.60 price target on the supermarket giant's shares. This follows news that Coles is selling its Coles Express business. Goldman said: "We do not view this transaction as material to impact our view on the core supermarkets business given the relative size of the segment compared to the group's business."
Gold price rises
Gold miners including Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could finish the week on a relatively positive note after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.3% to US$1,680.30 an ounce. This followed the softening of the US dollar and treasury yields.
Premier Investments results
The Premier Investments Limited (ASX: PMV) share price will be on watch today if the retail conglomerate finally releases its full year results. The company didn't release its FY 2022 results as expected on Wednesday, so today looks set to be the day. According to a note out of Goldman Sachs, its analysts are expecting the Smiggle owner to report revenue of $1,416 million and EBITDA of $480.4 million.
