On Thursday, the S&P/ASX 200 Index (ASX: XJO) was under pressure again and dropped into the red. The benchmark index fell 0.7% to 7,146 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:
ASX 200 expected to fall
The Australian share market looks set to end the week in a disappointing fashion following another poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 20 points or 0.25% lower this morning. In the United States, the Dow Jones was down 0.85%, the S&P 500 fell 0.8% and the NASDAQ tumbled 1.2%. Inflation concerns weighed on sentiment.
Magellan results
Magellan Financial Group Ltd (ASX: MFG) shares will be on watch today when the fund manager releases its full-year results. The fund manager has been having a tough time in FY 2023, with its funds under management falling heavily. This is expected to lead to Magellan posting a sharp decline in profits and dividends.
Oil prices rebound
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a better finish to the week after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 0.9% to US$80.12 a barrel and the Brent crude oil price is up 0.5% to US$83.83 a barrel. Oil rose on the US dollar weakness.
Gold price falls
ASX 200 gold miners including Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) could have a poor end to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.5% to US$1,918.8 an ounce. The gold price has dropped to a five-month low as rate hike bets increase.
Telstra rated as a buy
Goldman Sachs sees plenty of value in Telstra Group Ltd (ASX: TLS) shares following the release of the telco giant's results. This morning, the broker has reiterated its buy rating with a trimmed price target of $4.70. Goldman highlights that Telstra delivered a "stellar mobile result" in FY 2023.
