On Thursday, the S&P/ASX 200 Index (ASX: XJO) returned to form and stormed higher. The benchmark rose 0.7% to 7,410.3 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 edge higher

The Australian share market looks set to edge higher on Friday despite it being a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 7 points or 0.1% higher this morning. In late trade in the United States, the Dow Jones is down 0.4%, the S&P 500 is down 0.4% and the NASDAQ index has dropped 0.5%. A hot inflation report but a decline in jobless claims showed the US economy is holding up despite the Federal Reserve’s rate hikes. This sparked fears that more are coming.

Oil prices fall

Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.3% to US$78.40 a barrel and the Brent crude oil price is down 0.35% to US$85.11 a barrel. A stronger US dollar weighed on prices.

NAB rated a buy and Westpac’s Q1 update

The National Australia Bank Ltd (ASX: NAB) share price is great value according to analysts at Goldman Sachs. In response to its first quarter update, the broker retained its buy rating with a $35.42 price target. It commented: “NAB has released its 1Q23 trading update, with unaudited cash earnings from continuing operations of A$2.15 bn, up 18% on the previous period average, run-rating 3% above what is implied by our current 1H23E forecasts.” Elsewhere, fellow ASX 200 bank Westpac Banking Corp (ASX: WBC) is scheduled to release its first quarter update.

Gold price rises

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a good finish to the week after the gold price rose overnight. According to CNBC, the spot gold price is up 0.5% to US$1,854 an ounce. Strong US economic data put pressure on the precious metal.

QBE full year results

The QBE Insurance Group Ltd (ASX: QBE) share price will be one to watch on Friday when the insurance giant releases its full year results. Goldman Sachs is expecting a net profit of $676.1 million and a 25 cents per share dividend. However, it is QBE’s guidance that the broker thinks will be the more important aspect of the result. It believes the company could surprise with FY 2023 underlying insurance margin guidance close to 12%, compared to consensus estimate of 11.5%.

The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why did the ASX 200 leap higher on rising unemployment data?
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why are Newcrest shares slipping on Thursday?
• 2 ASX 200 shares soaring over 9% on strong results

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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