On Thursday, the S&P/ASX 200 Index (ASX: XJO) fought hard to carve out a decent gain. The benchmark index rose 0.3% to 8,618.4 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:
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ASX 200 expected to rise
The Australian share market looks set to edge higher on Friday following a mixed night in the United States. According to the latest SPI futures, the ASX 200 is expected to open 13 points or 0.15% higher this morning. In late trade on Wall Street, the Dow Jones is currently down 0.15%, the S&P 500 is 0.05% lower, and the Nasdaq is up 0.1%.
Oil prices rise
It could be a good finish to the week for ASX 200 energy shares such as Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.2% to US$59.66 a barrel and the Brent crude oil price is up 0.9% to US$63.24 a barrel. Traders have been buying oil after Russia-Ukraine peace talks failed to reach a deal.
Rio Tinto update
Rio Tinto Ltd (ASX: RIO) shares will be on watch today after the mining giant announced its new strategy. The company's chief executive, Simon Trott, detailed how Rio Tinto will unlock its full potential to become the most valued metals and mining business. It aims to achieve this through a strategy that starts with having the right assets in the right markets, supported by a diversified model that delivers market-leading performance and industry-leading returns. The miner has earmarked up to A$15 billion of assets that it could divest.
Gold price edges higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a reasonably positive finish to the week after the gold price rose overnight. According to CNBC, the gold futures price is up 0.15% to US$4,238.9 an ounce. US dollar weakness appear to have been behind this.
NextDC-OpenAI deal
Nextdc Ltd (ASX: NXT) shares will be in focus today amid reports that the company has signed an agreement with ChatGPT owner OpenAI. According to the AFR, this will see NextDC build the largest data centre in the southern hemisphere in Sydney's Eastern Creek. OpenAI chief executive, Sam Altman, said: "Australia is well-placed to be a global leader in AI, with deep technical talent, strong institutions and a clear ambition to use new technology to lift productivity."
