On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form and charged higher. The benchmark index rose 0.45% to 6,650.6 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 fall
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 53 points or 0.8% lower this morning. In the United States, the Dow Jones fell 0.45%, the S&P 500 dropped 0.3%, and the Nasdaq traded flat.
Oil prices edge higher
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent finish to the week after oil prices edged higher. According to Bloomberg, the WTI crude oil price is up 0.15% to US$96.44 a barrel and the Brent crude oil price is up 0.25% to US$99.81 a barrel. Supply concerns boosted prices.
Rio Tintoâs quarterly update
The Rio Tinto Limited (ASX: RIO) share price will be on watch this morning when the mining giant releases its second quarter and first half production update. According to a note out of Goldman Sachs, its analysts expect quarterly iron ore shipments of 78.7 Mt and the consensus estimate is for 79.3Mt. The market will also be listening out for commentary on cost inflation.
Gold price drops
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a tough finish to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 1.6% to US$1,708.20 an ounce. Growing US Fed rate hike bets weighed on the safe haven asset.
AVZ shares poised to return
AVZ Minerals Ltd (ASX: AVZ) shares are poised to return from their lengthy suspension on Friday morning. This embattled lithium developer is currently fighting legal action from a Chinese company that claims it owns a stake in the Manono Lithium project. If things don’t go the companyâs way, there are fears that AVZ could end up owning as little as 36% of the project.
The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of July 7 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Here are the top 10 ASX shares today
- Why did the Pointsbet share price leap 7% on Thursday?
- Here are the 3 most heavily traded ASX 200 shares on Thursday
- Own Rio Tinto shares? The companyâs leaning into demand for this high-value metal
- These ASX 200 mining shares are bolstering the market today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/UdYbyaw
Stock Pick 