5 things to watch on the ASX 200 on Friday

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought

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 Tinto’s 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 company’s 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.

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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.

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