On Friday the S&P/ASX 200 index closed the day slightly higher at a multi-year high of 6,385.6 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market looks set to start the week on a subdued note. According to the latest SPI futures, the ASX 200 is poised to open the day 2 points lower this morning. This is despite Wall Street finishing the week strongly. The Dow Jones rose 0.3%, the S&P 500 climbed 0.5%, and the Nasdaq pushed 0.35% higher on Friday. The latter two indices closed at record highs following the release of a stronger than expected quarterly U.S. GDP report.
Oil prices sink lower.
Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) shares could come under pressure today after oil prices sank lower. According to Bloomberg, the WTI crude oil price sank 2.9% to US$63.30 a barrel and the Brent crude oil price dropped 3% to US$72.15 a barrel. Oil prices came under pressure after President Trump put pressure on OPEC to reduce fuel costs.
Gold price rebounds.
Australian gold producers such as Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) will be on watch today after the precious metal had a positive finish to the week. A weaker U.S. dollar due to softer than expected U.S. inflation data led to the spot gold price rebounding on Friday. According to CNBC, the spot gold price is up 0.7% to US$1,288.8 an ounce.
Syrah avoids storm disruption.
The beaten down Syrah Resources Ltd (ASX: SYR) share price could be on the rise on Monday after a rare spot of good news out of the graphite producer. A late announcement on Friday reveals that Cyclone Kenneth in Mozambique has not impacted its Balama Graphite Operation. Whilst rain and wind were recorded at Balama, preparatory action on site was established to ensure the safety of Syrah's people and security of operating equipment.
ANZ rated as a buy.
According to a note out of Goldman Sachs, its analysts have retained their conviction buy rating on the shares of Australia and New Zealand Banking Group (ASX: ANZ) ahead of the release of its half year results on Wednesday. Goldman expects cash earnings from continued operations to be down 1.4% on the prior corresponding period. It has a price target of $29.48 on its shares.
