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On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a very strong day and raced notably higher. The benchmark index rose 1.1% to 7,071 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:
ASX 200 expected to fail
The Australian share market looks set to end the week in the red following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 19 points or 0.3% lower this morning. In the United States, the Dow Jones rose 0.1%, the S&P 500 dropped 0.1%, and the Nasdaq tumbled 0.6%.
Oil prices charge higher
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices strengthened overnight. According to Bloomberg, the WTI crude oil price is up 2.5% to US$94.22 a barrel and the Brent crude oil price is up 2.2% to US$99.58 a barrel. Traders were buying oil after the IEA increased its 2022 demand growth forecast.
the ResMed Inc. (ASX: RMD) share price will be one to watch on Friday. This morning the medical device company is releasing its fourth quarter and full year results. In respect to its full year result, the market is expecting ResMed to report a profit after tax of US$825.6 million for the 12 months ended 30 June.
gold price falls
Gold miners such as Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a subdued finish to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.6% to US$1,802.60 an ounce. Traders were selling gold amid the prospect of more rate hikes by the US Federal Reserve even though there are signs that inflation is peaking.
the Insurance Australia Group Ltd (ASX: IAG) share price could be on the move today. This morning the insurance giant is scheduled to release its full year results. According to CommSec, the market is expecting the company to report a full year net profit after tax of $248 million. From this, IAG has been tipped to pay a final dividend of 3.1 cents per share.