On Friday the S&P/ASX 200 index ended the week on a subdued note. The benchmark index fell 0.4% to finish it at 7,022.6 points.
Will the local share market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to edge higher.
The S&P/ASX 200 index looks set to start the week on a mildly positive note. According to the latest SPI futures, the ASX 200 is poised to edge 7 points or 0.1% at the open. This is despite a disappointing end to the week on Wall Street which saw the Dow Jones drop 0.9%, the S&P 500 index fall 0.55%, and the Nasdaq index tumble 0.55%.
Oil prices drops lower.
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could drop lower on Monday after oil prices weakened further. According to Bloomberg, the WTI crude oil price fell 1.2% to US$50.34 a barrel and the Brent crude oil price fell 0.8% to US$54.47 a barrel. This means that oil prices have recorded weekly declines for five weeks in a row.
Gold price rises.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after the gold price pushed higher on Friday. According to CNBC, the spot gold price rose 0.25% to US$1,573.80 an ounce after coronavirus concerns escalated.
JB Hi-Fi half year update.
The JB Hi-Fi Limited (ASX: JBH) share price could be on the move on Monday when it releases its half year results. Its shares recently hit an all-time high after a surprisingly strong first quarter update. This means expectations are high for the first half and the remainder of FY 2020. The consensus estimate is for half year earnings before interest and tax (EBIT) of $244 million. The housing market rebound is expected to have supported demand for white goods.
Platinum reveals further outflows.
The Platinum Asset Management Ltd (ASX: PTM) share price could come under pressure today after the asset manager released its funds under management (FUM) update for January. After the market close on Friday, Platinum revealed a 1.9% month on month decline in FUM to $24,649.15 million. This was driven by net outflows of $254 million during the month. The net outflows included $176 million from the Platinum Trust Funds.
