On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a volatile day and ended it with the smallest of declines. The benchmark index was down 3.3 points to 7,362.2 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market looks set to end the week in a disappointing fashion following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 34 points or 0.45% lower this morning. In the United States, the Dow Jones was down 0.3%, the S&P 500 fell 0.6%, and the NASDAQ dropped 0.8%.
Oil prices tumble
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough finish to the week after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 2.35% to US$77.29 a barrel and the Brent crude oil price is down 2.65% to US$80.91 a barrel. Recession fears and swelling US gasoline inventories put pressure on prices.
BHP quarterly update
The BHP Group Ltd (ASX: BHP) share price will be one to watch on Friday when the mining giant releases its third-quarter update. According to a note out of Goldman Sachs, its analysts expect iron ore shipments of 64.7Mt for the quarter. This compares to the consensus estimate of shipments of 67.9Mt.
Gold price rises
Gold shares Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a good finish to the week after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.35% to US$2,014.3 an ounce. Gold rose following the release of US economic data.
Cochlear dealt blow
The Cochlear Limited (ASX: COH) share price will be in focus today. That's because the hearing solutions company has just been dealt a blow in the UK in relation to its proposed acquisition of Oticon Medical. The UK Competition and Markets Authority has found that the acquisition could result in a substantial lessening of competition in the supply of bone conduction solutions. Cochlear disagrees with the competition regulator.
