On Thursday, the S&P/ASX 200 Index (ASX: XJO) had another poor session. The benchmark index fell 0.4% to 7,494.1 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 rebound
The Australian share market looks set to end the week on a positive note despite a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 21 points or 0.3% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.2%, the S&P 500 is down 0.1%, and the NASDAQ is down 0.35%.
Oil prices fall
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a subdued end to the week after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.65% to US$72.23 a barrel and the Brent crude oil price is down 0.8% to US$77.63 a barrel. A huge build in US fuel inventories put pressure on prices.
Iron ore miners on watch
Iron ore giants BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) will be on watch on Friday after the price of the steel-making ingredient pulled back. At the time of writing, the spot benchmark iron ore price is down 1.2% to US$140.94 a tonne. Both miners are in the red on Wall Street in late trade.
Gold price rises
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price rose overnight. According to CNBC, the spot gold price is up 0.4% to US$2,050.3 an ounce. A softer US dollar boosted the price of the precious metal.
IAG rated neutral
Insurance Australia Group Ltd (ASX: IAG) shares are close to being fully valued according to analysts at Goldman Sachs. This morning, the broker has responded to its reinsurance renewal update by retaining its neutral rating and $6 price target. The broker said: "Favourable reinsurance renewal affords greater protection."
