On Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) finished a tough week with a small gain.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX futures pointing lower.
Unfortunately, it looks likely that the Australian share market is going to start the week on a disappointing note. According to the latest SPI futures, the local market is expected to open the day 0.3% or 17 points lower on Monday. This follows another trading session in the red on Wall Street on Friday with the Dow Jones falling 1.2%, the S&P 500 dropping 1.7%, and the Nasdaq tumbling 2.1%.
Corporate Travel Management targeted by short seller.
The shares of Corporate Travel Management Ltd (ASX: CTD) are likely to come under pressure on Monday after hedge fund VGI Partners released a 176-page presentation accusing the corporate travel specialist of aggressive accounting and poor disclosure according to the AFR. In addition to this, the fund alleges that many of the company’s international offices don’t even exist.
Tech shares will be on watch.
On Friday tech shares including Afterpay Touch Group Ltd (ASX: APT) and Xero Limited (ASX: XRO) finished the week in the red. These declines could be extended on Monday after the Nasdaq technology index sank lower. The FAANG stocks all fell heavily, but Amazon was the stand out with an 8% decline after its guidance fell short of expectations.
Oil prices push higher.
Energy shares such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a positive start to the week after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price rose 0.4% to US$67.59 a barrel and the Brent crude oil price jumped 0.95% higher to US$77.62 a barrel.
Annual general meetings.
Monday marks the start of another busy week of annual general meetings. Today auto retailer Bapcor Ltd (ASX: BAP), healthcare company Medical Developments International Ltd (ASX: MVP), and production and content management company Wellcom Group Limited (ASX: WLL) will be holding their respective meetings and are likely to provide trading updates.
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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Amazon. The Motley Fool Australia owns shares of and has recommended Bapcor and Corporate Travel Management Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO and Xero. The Motley Fool Australia has recommended Amazon and Wellcom Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.