On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.55% to 8,348.7 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 expected to rebound
The Australian share market looks set to rebound on Friday following a mixed night in the United States. According to the latest SPI futures, the ASX 200 is expected to open 19 points or 0.2% higher this morning. On Wall Street, the Dow Jones was flat, the S&P 500 edged lower, and the Nasdaq pushed 0.3% higher.
Oil prices fall
ASX 200 energy shares including Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) could have a subdued finish to the week after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 1.3% to US$60.75 a barrel and the Brent crude oil price is down 1.4% to US$64.02 a barrel. This was driven by news that OPEC could increase its output.
Rio Tinto CEO announces exit
The Rio Tinto Ltd (ASX: RIO) share price will be on watch today after the mining giant announced the exit of its CEO, Jakob Stausholm. He will continue to lead Rio Tinto as chief executive and a member of the board of directors while a successor is appointed, but is expected to leave before the end of the year. A "rigorous selection process" is now underway to find a replacement.
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a soft finish to the week after the gold price fell overnight. According to CNBC, the gold futures price is down 0.6% to US$3,294 an ounce. This was driven by a stronger US dollar and profit taking.
Wesfarmers shares rated as a buy
Wesfarmers Ltd (ASX: WES) shares are a buy according to the team at Goldman Sachs. This morning, the broker has retained its buy rating with an improved price target of $87.30. In response to its strategy day event, the broker said: "While no specific financial guidance was given (in-line with historical practice), we view the strategic plan positively, supporting a high quality growth path for WES."
