On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form again and dropped into the red. The benchmark index fell 0.6% to 7,346.5 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 very positive note following a good night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 55 points or 0.75% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.4%, the S&P 500 is up 0.75%, and the NASDAQ is up 1.25%.
Oil prices jump
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good finish to the week after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 2.2% to US$74.13 a barrel and the Brent crude oil price is up 1.6% to US$79.13 a barrel. Traders were buying oil after the International Energy Agency forecast strong growth in global oil demand.
BHP is a buy
Goldman Sachs believes that BHP Group Ltd (ASX: BHP) shares are in the buy zone despite a slightly weaker than expected quarterly update. In response to the update, the broker has retained its buy rating with a $49.40 price target. It said: "BHP reported a slightly weaker than expected Dec Q with copper and met coal production -6%/-9% vs. GSe but iron ore production/shipments of 72.7/70.3Mt were in-line with GSe."
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.7% to US$2,021 an ounce. Middle East tensions boosted demand for the safe haven asset.
Suncorp remains a buy
Suncorp Group Ltd (ASX: SUN) shares remain a buy according to Goldman Sachs. The broker has been running the rule over the insurance giant ahead of the release of its half year results next month and likes what it sees. As a result, it has retained its buy rating with a trimmed price target of $15.00. It said: "While the bank trends have seen some pressure, the trajectory for margins in the general insurance business remain strong and should see a strong 2H24 benefit / skew from positive rate v inflation jaws and with SUN operating in its target 10-12% range."
