On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red after a hotter than expected inflation reading. The benchmark index fell 0.3% to 7468.3 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:
ASX 200 expected to rebound
The Australian share market looks set to rebound on Friday following another positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 36 points or 0.5% higher this morning. In late trade in the United States, the Dow Jones is up 0.3%, the S&P 500 is up 0.7%, and the NASDAQ index is charging 1.3% higher.
Oil prices higher
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a solid finish to the week after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.4% to US$81.27 a barrel and the Brent crude oil price is up 1.8% to US$87.66 a barrel. Chinese demand optimism boosted prices.
Quarterly updates
The ResMed Inc (ASX: RMD) share price will be on watch on Friday when the sleep disorder treatment company releases its quarterly update. It won't be alone, though. A number of other quarterly updates are expected to be release, including one from mining giant Fortescue Metals Group Limited (ASX: FMG).
Gold price falls
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a subdued finish to the week after the gold price fell overnight. According to CNBC, the spot gold price is down 0.7% to US$1,929.70 an ounce. Strong US economic data put pressure on the precious metal.
MinRes downgraded
The Mineral Resources Ltd (ASX: MIN) share price could be fully valued according to analysts at Goldman Sachs. This morning, the broker has downgraded the mining and mining services company's shares to a neutral rating with an $87.00 price target. Goldman made the move on valuation grounds, noting: "Since upgrading MIN to a BUY on 11 April 2022, the stock is up ~58% vs. the ASX200 roughly flat (-0.2%) over the same period."
