On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled into the red. The benchmark index fell 0.4% to 8,889.2 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 fall again
The Australian share market looks set to fall on Friday following a poor night in the United States. According to the latest SPI futures, the ASX 200 is expected to open 71 points or 0.8% lower this morning. In late trade on Wall Street, the Dow Jones is down 1%, the S&P 500 is down 1.05%, and the Nasdaq is down 1.4%.
Oil prices sink
It could be a poor finish to the week for ASX 200 energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.1% to US$63.11 a barrel and the Brent crude oil price is down 3% to US$67.37 a barrel. This was driven by news that Iran and the US have agreed to talks, easing conflict concerns.
Rio Tinto-Glencore merger talks end
Rio Tinto Ltd (ASX: RIO) shares will be on watch on Friday after the mining giant abandoned merger talks with Glencore (LSE: GLEN). It stated: "Rio Tinto is no longer considering a possible merger or other business combination with Glencore plc, as Rio Tinto has determined that it could not reach an agreement that would deliver value to its shareholders."
Gold price tumbles
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Newmont Corporation (ASX: NEM) could have a tough finish to the week after the gold price tumbled overnight. According to CNBC, the gold futures price is down 1.9% to US$4,856 an ounce. Gold and silver continued to fall after a short-lived rebound.
Hold Beach Energy shares
Beach Energy Ltd (ASX: BPT) shares are fully valued according to analysts at Bell Potter. This morning, in response to the energy producer's half year results, the broker has retained its hold rating with a slightly improved price target of $1.15. It said: "BPT is in a production replacement cycle with respect to exploration and appraisal. Production growth should return in FY27 and capex ease, enabling positive free cash flow to support balance sheet deleveraging and ongoing dividends. We are positive on BPT's exposure to Australian east coast gas markets (around half of sales volumes) and cautious with respect to global oil markets."
