On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.3% to 7,288.5 points.
Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:
ASX 200 expected to sink
The Australian share market looks set to end the week deep in the red after the US inflation reading of 7.5% spooked Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 33 points or 0.5% lower this morning. In late trade on Wall Street, the Dow Jones is down 1.25%, the S&P 500 is down 1.4%, and the Nasdaq is down 1.5%.
IAG half year results
The Insurance Australia Group Ltd (ASX: IAG) share price will be one to watch on Friday. This morning the insurance giant is due to release its half year results. According to a note out of Morgans, it expects IAG to deliver a below consensus cash profit after tax of $210 million. The market is expecting $285 million for the half.
Oil prices edge lower
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a subdued day after oil prices edged lower. According to Bloomberg, the WTI crude oil price is down 0.1% to US$89.55 a barrel and the Brent crude oil price is down 0.4% to US$91.20 a barrel. Oil prices edged lower after US-Iran sanction talks progressed.
Gold price softens
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 dropped. According to CNBC, the spot gold price is down 0.15% to US$1,833.50 an ounce. US inflation data came in ahead of expectations, sparking fears that rates could increase quicker.
Goldman retains buy rating on NAB
The team at Goldman Sachs has responded to the National Australia Bank Ltd (ASX: NAB) first quarter update by retaining its add rating and lifting its price target slightly to $31.33. Goldman commented: "NAB's 1Q22 cash earnings from continuing operations were up 12% on the previous period average to A$1.80 bn, 6% ahead of what was implied by our previous 1H22E forecasts."
