On Thursday, the S&P/ASX 200 Index (ASX: XJO) continued its winning streak, albeit with a tiny gain. The benchmark index rose 2.6 points to 7,091 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:
ASX 200 expected to sink
The Australian share market looks set to end the week on a disappointing note following a poor session on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 60 points or 0.85% lower this morning. In late trade in the United States, the Dow Jones is down 0.4%, the S&P 500 is down 0.5%, and the NASDAQ is down 0.5%.
Oil prices mixed
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.1% to US$83.43 a barrel and the Brent crude oil price is up 0.65% to US$86.38 a barrel. IEA has downgraded its demand forecasts for 2024.
Newcrest scheme meeting
Newcrest Mining Ltd (ASX: NCM) shareholders will be voting on its takeover at a scheme meeting today. The gold miner is in the process of being acquired by US gold giant Newmont Corporation (NYSE: NEM) for 0.4 Newmont shares plus a US$1.10 per share special dividend for each Newcrest share they own.
Gold price falls
ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a soft finish to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.3% to US$1,882.2 an ounce. A stronger US dollar and treasury yields weighed on gold.
ResMed shares named as buy
Analysts at Goldman Sachs feel that yesterday's ResMed Inc (ASX: RMD) share price selldown is a buying opportunity. It has looked into the new Ozempic data and isn't concerned. In fact, the broker "make[s] no changes to our forecasts, and reiterate our Buy-rating on RMD." Its price target of $33.00 implies almost 50% upside. Goldman has also left its earnings estimates for CSL Limited (ASX: CSL) unchanged.
