5 things to watch on the ASX 200 on Friday

Here’s what to expect on Friday…

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On Thursday the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.25% to 7,430.4 points.

Will the market be able to bounce back from this on Friday? Here are five things to watch:

ASX 200 expected to edge lower

The Australian share market looks set to end the week on a subdued note. According to the latest SPI futures, the ASX 200 is expected to open the day 4 points lower. This is despite it being a strong night of trade on Wall Street, which late on sees the Dow Jones up 0.4%, the S&P 500 up 0.8%, and the Nasdaq up 1.2%. The latter hit a record high after a series of strong results.

ResMed quarterly update

The ResMed (ASX: RMD) share price will be one to watch on Friday when it releases its first quarter update. A strong result is expected from the sleep treatment focused medical device company. This is due partly to one of its biggest rivals battling with a major product recall.

Oil prices fall

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a poor end to the week after oil prices edged lower. According to Bloomberg, the WTI crude oil price is down slightly to US$82.64 a barrel and the Brent crude oil price is down 0.5% to US$84.14 a barrel. This follows a surprise jump in U.S. crude inventories and rising cases of COVID-19.

ANZ share price rated as a buy

The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price remains great value following its full year results according to analysts at Goldman Sachs. This morning the broker retained its buy rating and lifted its price target on the bank’s shares to $31.82. Goldman was pleased with ANZ’s results, noting that its second half cash earnings came in 11% ahead of estimates.

Gold price rises

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 traded higher. According to CNBC, the spot gold price is up 0.2% to US$1,803 an ounce. Slowing US economic growth boosted the precious metal.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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