5 things to watch on the ASX 200 on Friday

Here’s what to watch on the last day of trade before the long weekend…
The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia. –

On Thursday the S&P/ASX 200 Index (ASX: XJO) was back on form and charged to a new record high. The benchmark index rose 0.45% to 7,302.5 points.

Will the market be able to build on this on Friday? Here are five things to watch:

ASX 200 expected to edge higher

The Australian share market looks set to end the week on a positive but subdued note. According to the latest SPI futures, the ASX 200 is expected to open the day 3 points higher this morning. This follows a strong night of trade on Wall Street, which saw the Dow Jones edge higher, the S&P 500 rise 0.5%, and the Nasdaq jump 0.8%.

US inflation data

Inflation is back with a bang in the United States. According to CNBC, consumer prices for May accelerated at their fastest pace in almost 13 years. The consumer price index rose 5% from a year earlier, ahead of the market’s expectation of 4.7%. Eric Wingorad from Alliance Bernstein notes that “The more persistent categories of inflation — the ones that do a better job of capturing the sustainable trend—are significantly more subdued.” He feels this supports “the idea that the spike in inflation is transitory, even if it is more intense than most forecasters would originally have anticipated.”

Oil prices hit new two-year highs

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices edged higher. According to Bloomberg, the WTI crude oil price is up 0.3% to US$70.16 a barrel and the Brent crude oil price is up 0.25% to US$72.41 a barrel. Oil prices climbed to two-year highs on rising demand expectations.

PointsBet rated as a buy

The PointsBet Holdings Ltd (ASX: PBH) share price is in the buy zone according to analysts at Goldman Sachs. In response to news that the sports betting company is entering the Maryland market, the broker has retained its buy rating and $17.20 price target. This compares to the current PointsBet share price of $13.50.

Gold price rises

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could end the week on a positive note after the gold price pushed higher. According to CNBC, the spot gold price is up 0.3% to US$1,901.40 an ounce. The precious metal pushed higher following the release of US inflation data.

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 more than eight 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.

*Returns as of May 24th 2021

More reading

How high can the PointsBet (ASX:PBH) share price climb?
ASX 200 rises, Woolworths acquisition approved, Austal in rough waters

The Newcrest (ASX:NCM) share price nudges up after exploration update
Top brokers name 3 ASX shares to sell today

Why the PointsBet (ASX:PBH) share price will be on watch today

James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!