On Friday the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped lower. The benchmark index fell 0.55% to 5,927.6 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to jump higher.
The Australian share market looks set to start the week on a strong note. According to the latest SPI futures, the ASX 200 is expected to open 51 points or 0.9% higher this morning. This is despite a disappointing end to the week on Wall Street, which saw the Dow Jones fall 0.6%, the S&P 500 drop 1.2% and the Nasdaq sink 2.45% lower.
Westpac full year results.
The Westpac Banking Corp (ASX: WBC) share price will be one to watch this morning when it releases its full year results. According to a note out of Goldman Sachs, it expects the banking giant to report cash earnings before one-offs of $2,535 million. This will be a 63% decline on the prior corresponding period. The broker has also pencilled in a final dividend of 25 cents per share, with no interim dividend being paid for FY 2020.
Oil prices continue to slide.
It could be a tough start to the week for energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) after oil prices continued their slide. According to Bloomberg, the WTI crude oil price fell 1.05% to US$35.79 a barrel and the Brent crude oil price dropped 0.8% to US$37.94 a barrel. This led to oil prices dropping to five-month lows.
Gold price rebounds.
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch on Monday after the gold price rebounded on Friday night. According to CNBC, the spot gold price rose 0.65% to US$1,879.90 an ounce after the US dollar rally stalled.
SEEK to return from trading halt.
The SEEK Limited (ASX: SEK) share price is due to return from its trading halt on Monday. On Thursday SEEK requested a trading halt whilst it prepared a response to a short seller’s report issued by Blue Orca Capital. The short seller has alleged that SEEK’s China business is full of fake listings and resumes.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended SEEK Limited. 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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