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5 things to watch on the ASX 200 on Monday

On Friday the S&P/ASX 200 index rose slightly to 6,396.9 points but still recorded a weekly decline of 0.9%.

Will the market be able to bounce back on Monday? Here are five things to watch:

ASX futures pointing lower.

The Australian share market looks set to open the week notably lower following a disappointing end to the week on Wall Street. According to the latest SPI futures, the ASX 200 index is poised to open 0.4% or 24 points lower this morning. On Friday recession fears and trade war concerns sent the Dow Jones 1.4% lower, the S&P 500 down 1.3%, and the Nasdaq lower by 1.5%.

Oil prices under pressure again.

It looks set to be another disappointing day of trade for energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) after a sharp decline in crude oil prices on Friday. According to Bloomberg, the WTI crude oil price fell a further 5.5% to US$53.50 a barrel and the Brent crude oil price dropped 3.6% to US$64.49 a barrel. Global trade war concerns intensified on Friday when U.S. President Donald Trump threatened to place tariffs on Mexico.

Gold price surges higher.

Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) are likely to charge higher again on Monday after trade worries sent the gold price hurtling higher. According to CNBC, the spot gold price rose 1.4% to a seven-week high of US$1,310.20 an ounce on Friday.

Lynas shares on watch.

The Lynas Corporation Ltd (ASX: LYC) share price could be a strong performer today after China prepared a plan to restrict exports of rare earths to the United States. According to Bloomberg, the Chinese government “has prepared the steps it will take to use its stranglehold on the critical minerals in a targeted way to hurt the U.S. economy.” China produces about 80% of the world’s rare earths. This could lead to increasing demand for Lynas’ produce.

St Barbara rated as a buy.

The St Barbara Ltd (ASX: SBM) share price fell heavily on Friday after downgrading its FY 2019 production guidance due to issues at its Gwalia mine. One broker that thinks this is a buying opportunity is Goldman Sachs. According to a note, the broker has retained its buy rating and trimmed its price target slightly to $3.60. Goldman believes St Barbara’s shares are cheap in comparison to its peers.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

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