On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form again and sank deep into the red. The benchmark index fell 1.4% to 7,065.2 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 sink again
The Australian share market looks set to end the week with another sizeable decline following a selloff on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 100 points or 1.4% lower this morning. In the United States, the Dow Jones was down 1.1%, the S&P 500 fell 1.65%, and the NASDAQ dropped 1.8%.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1% to US$89.58 a barrel and the Brent crude oil price is down 0.3% to US$93.29 a barrel. Rate hike fears are weighing on oil prices.
Rupert Murdoch steps down
News Corporation (ASX: NWS) shares will be on watch today after Rupert Murdoch announced that he will be stepping down from the role as chairman of the media giant. He will be replaced by his son Lachlan Murdoch following its annual general meeting in November.
Gold price tumbles
ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) could have a difficult finish to the week after the gold price tumbled lower overnight. According to CNBC, the spot gold price is down 1.4% to US$1,939.9 an ounce. Rate hike concerns put pressure on the precious metal.
BHP and Rio Tinto to fall
It looks set to be a tough day for ASX 200 iron ore mining shares such as BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) on Friday. Overnight the benchmark iron ore price fell 3.6% to US$117.4 a tonne. On Wall Street, the two mining giants dropped approximately 3%.
