On Thursday, the S&P/ASX 200 Index (ASX: XJO) snapped its winning run with a small decline. The benchmark index fell 0.3% to 8,036.5 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:
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ASX 200 to sink
The Australian share market looks set to end the week on a disappointing note following a poor session in the United States. According to the latest SPI futures, the ASX 200 is expected to open 94 points or 1.2% lower this morning. On Wall Street, the Dow Jones sank 1.3%, the S&P 500 dropped 0.8%, and the Nasdaq tumbled 0.7%.
Oil prices fall
It looks like ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a poor finish to the week after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.5% to US$82.37 a barrel and the Brent crude oil price is down 0.4% to US$84.73 a barrel. Traders could have been selling oil amid broad market weakness.
Whitehaven Coal quarterly
Whitehaven Coal Ltd (ASX: WHC) shares will be on watch today when the coal miner releases its quarterly update. According to a note out of Goldman Sachs, it is forecasting saleable coal production of 7.4Mt for the three months ended 30 June. While this will be up a sizeable 90% on the prior corresponding period, it will be a touch short of the consensus estimate of 7.6Mt.
Gold price softens
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued finish to the week after the gold price fell overnight. According to CNBC, the spot gold price is down 0.6% to US$2,445.6 an ounce. This appears to have been driven by profit taking from traders after gold hit a record high.
Buy Telix shares
The Telix Pharmaceuticals Ltd (ASX: TLX) share price remains good value according to analysts at Bell Potter. In response to the radiopharmaceutical company's quarterly update, the broker has retained its buy rating with an improved price target of $22.60 (from $19.00). This implies potential upside of 16% for investors from current levels. It said: "In the current environment where the appetite for growth assets is back in favour, we believe the likely approval for Zircaix in early CY25 will become the major catalyst to propel the stock towards our revised target price."
