On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form again and dropped into the red. The benchmark index fell 0.6% to 7,311.7 points.
Will the market be able to bounce back from this on Friday and end the week on a high? Here are five things to watch:
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ASX 200 expected to edge higher
The Australian share market looks set to end the week with a small gain despite a subdued night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 8 points or 0.1% higher this morning. In the United States, the Dow Jones was down 0.2%, the S&P 500 fell 0.25% and the NASDAQ dropped 0.1%.
ANZ-Suncorp Bank ACCC decision
The ANZ Group Holdings Ltd (ASX: ANZ) share price will be on watch today. That's because the ACCC is expected to make its decision on the proposed $4.9 billion acquisition of the banking operations of Suncorp Group Ltd (ASX: SUN). The ACCC appears reluctant to authorise the acquisition, but ANZ and Suncorp have been fighting hard to get the deal over the line. ANZ believes the "acquisition will not substantially lessen competition and is in the public interest."
Oil prices jump
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a strong finish to the week after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 2.9% to US$81.77 a barrel and the Brent crude oil price is up 2.5% to US$85.31 a barrel. Oil prices were boosted by news that Saudi Arabia and Russia are taking steps to keep supplies tight into September and possibly beyond.
Gold price falls
ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) could have a poor finish to the week after the gold price sank overnight. According to CNBC, the spot gold price is down 0.3% to US$1,969.6 an ounce. The precious metal hit a three-week low due to a stronger US dollar and bond yields.
ResMed results
The ResMed Inc. (ASX: RMD) share price will be in focus this morning when the sleep treatment company releases its quarterly results. The team at Macquarie are expecting ResMed to deliver further top-line growth and margin improvements. For this reason, earlier this week, the broker retained its outperform rating and $38.00 price target on the company's shares.
