On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.5% to 7,152.5 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 in the red after a selloff on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 99 points or 1.4% lower this morning. In late trade in the United States, the Dow Jones is down 1.9%, the S&P 500 has sunk 2.4%, and the Nasdaq has crashed 3.1%. Interest rate hike concerns weighed on the market after some strong economic data.
Oil prices tumble
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a bad finish to the week after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 1.15% to US$77.38 a barrel and the Brent crude oil price is down 1.55% to US$80.84 a barrel. Recession fears weighed on global markets.
Blackmores rated neutral
The Blackmores Ltd (ASX: BKL) share price could be fully valued according to analysts at Goldman Sachs. This morning, the broker has retained its neutral rating with a trimmed $75.80 price target. It said: "Despite the opportunity for longer term growth remaining significant, we believe the current share price captures the risk/reward profile of this investment."
Gold price falls
Gold shares Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a poor finish to the week after the gold price fell overnight. According to CNBC, the spot gold price is down 1.7% to US$1,794.6 an ounce. Traders were selling gold after US economic data supported the US Federal Reserve's rate hike plans.
TPG shares upgraded
The TPG Telecom Ltd (ASX: TPG) share price could be a buy according to analysts at Morgans. After recent weakness, its analysts believe value has emerged and that investors should be taking advantage. It said: "We think the bad news is now priced in and see value at current levels. We upgrade TPG to an Add recommendation (from Hold)." Morgans has a $5.50 price target on TPG's shares.
