On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark index rose 0.5% to 7,182.1 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:
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ASX 200 expected to sink
The Australian share market looks set to end the week in a very disappointing fashion following a sell off on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 90 points or 1.2% lower this morning. In the United States, the Dow Jones was down 1.1%, the S&P 500 fell 1.35% and the NASDAQ sank 1.9%.
Pilbara Minerals results
Pilbara Minerals Ltd (ASX: PLS) shares will be on watch today when the lithium miner releases its FY 2023 results. According to a note out of Goldman Sachs, its analysts are expecting revenue of $4,261.9 million and EBITDA of $3,540 million. The broker expects this to allow the lithium giant to declare a 22 cents per share dividend for FY 2023.
Oil prices flat
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch after a flat night for oil prices. According to Bloomberg, the WTI crude oil price is fetching US$78.88 a barrel and the Brent crude oil price is flat at US$83.20 a barrel. Demand concerns continue to hold back prices.
Gold price falls
ASX 200 gold miners including Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) could have a subdued end to the week after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.2% to US$1,944.4 an ounce. Traders were selling gold ahead of Federal Reserve chair Jerome Powell's speech at the Jackson Hole symposium.
Qantas rated as a buy
Goldman Sachs sees lots of value in Qantas Airways Limited (ASX: QAN) shares following the release of the airline operator's FY 2023 results. This morning, the broker has reiterated its buy rating with an improved price target of $8.75. Goldman said: "We acknowledge broader macro uncertainty at this point in the cycle, but believe the current share price does not reflect the group's improved earnings capacity."
