On Friday the S&P/ASX 200 index continued its slide and ended the week with another sizeable decline. The benchmark index fell 2.8% to finish the week at 6,216.2 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 fall.
It looks set S&P/ASX 200 Index (ASX: ^XJO)to be another bleak day of trade for the S&P/ASX 200 index. According to the latest SPI futures, the benchmark index is expected to open the week 93 points or 1.4% lower. This follows a poor end to the week on Wall Street. Although they finished well off their lows, the Dow Jones fell 1%, the S&P 500 index dropped 1.7%, and the Nasdaq index sank 1.9% lower.
Oil prices crash lower.
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be under pressure on Monday after oil prices crashed lower on Friday night. According to Bloomberg, the WTI crude oil price fell 10.5% to US$41.28 a barrel and the Brent crude oil price dropped 9.5% to US$45.27 a barrel. This was the worst day of trade in over five years for oil prices and driven by OPEC+ failing to come to an agreement on production cuts.
Gold price climbs higher.
Gold miners including Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) could be on the rise today after the gold price pushed higher on Friday. According to CNBC, the spot gold price climbed 0.25% to US$1,672.40 an ounce. Gold prices spiked higher last week after coronavirus concerns escalated.
ANZ axes wealth jobs.
The Australia and New Zealand Banking Group (ASX: ANZ) share price will be on watch on Monday after revealing plans to axe 230 jobs from its private bank and advice business. It is making the move in the hope of slashing costs by upwards of $1 billion. The company's shares certainly need a boost. Last week they sank 10% lower.
Shares going ex-dividend.
Another group of shares are trading ex-dividend on Monday and could trade lower. These include fuel retailer Caltex Australia Limited (ASX: CTX), media company News Corp (ASX: NWS), and property listings company REA Group Limited (ASX: REA).
