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5 things to watch on the ASX 200 on Monday

On Friday the S&P/ASX 200 index finished a very positive week on a subdued note. The benchmark index fell 0.25% to 6,846 points.

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

ASX expected to edge higher.        

The S&P/ASX 200 index is poised to start the week on a mildly positive note. According to the latest SPI futures, the ASX 200 index is expected to rise 5 points or 0.1% at the open. This is despite a disappointing finish to the week on Wall Street which saw the Dow Jones fall 0.4%, the S&P 500 index drop 0.4%, and the Nasdaq tumble 0.45%.

Oil prices crash.

It looks set to be a poor start to the week for Santos Ltd (ASX: STO), Woodside Petroleum Limited (ASX: WPL), and the rest of Australia’s energy producers. They could come under pressure today after oil prices crashed lower on Friday night. According to Bloomberg, the WTI crude oil price sank 5% to US$55.17 a barrel and the Brent crude oil price dropped 4.4% to US$60.49 a barrel. Trade war concerns, the resignation of Iraq’s prime minister, and concerns over the OPEC+ meeting this week weighed on prices.

Tech shares on watch.

Altium Limited (ASX: ALU) and other ASX tech shares will be on watch on Monday after their US counterparts finished the week deep in the red. The technology-focused Nasdaq index tumbled 0.45% lower due to trade war concerns.

Gold price higher.

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could push higher today after the gold price raced higher on Friday. According to CNBC, the spot gold price is up 0.8% to US$1,472.70 an ounce.

Miners on watch.

The shares of iron ore producers such as Fortescue Metals Group Limited (ASX: FMG) and Rio Tinto Limited (ASX: RIO) could be on the slide today after trade war concerns weighed on commodity prices. The iron ore price finished the week with a 0.6% decline to US$87.25 a tonne. The Western Areas Ltd (ASX: WSA) share price could also be under pressure after nickel prices tumbled lower as well.

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