It was a disappointing day of trade for the S&P/ASX 200 Index (ASX: XJO) on Thursday. After a positive start the benchmark index gave back its gains and fell 0.7% to 6,010.9 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
ASX 200 expected to rise.
The ASX 200 index looks set to rise this morning despite a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 14 points or 0.25% higher this morning. On Wall Street the Dow Jones fell 0.5%, the S&P 500 dropped 0.35%, and the Nasdaq tumbled 0.7% lower.
Oil prices drop.
Energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could come under pressure today after oil prices pulled back. According to Bloomberg, the WTI crude oil price is down 1.2% to US$40.72 a barrel and the Brent crude oil price has fallen 1.15% to US$43.29 a barrel. Oil prices dropped lower after OPEC+ agreed to ease their output curbs.
Gold price falls.
It could be a tough end to the week for gold miners such as Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) after the gold price dropped below the US$1,800 an ounce level. According to CNBC, the spot gold price fell over 1% to US$1,796.00 an ounce after the European Central Bank kept its monetary policy on hold.
Medibank rated as a sell.
The Medibank Private Ltd (ASX: MPL) share price could be heading lower from here according to analysts at Goldman Sachs. This morning the broker retained its sell rating and $2.83 price target on the private health insurer's shares. Goldman continues to believe its shares are overvalued considering its near term prospects.
QBE rated as a buy.
One insurance company that analysts at Goldman Sachs are positive on is QBE Insurance Group Ltd (ASX: QBE). This morning the broker retained its conviction buy rating and $10.80 price target on the company's shares. It believes there are medium-term opportunities for QBE that could generate value for investors.
