On Friday the S&P/ASX 200 Index (ASX: XJO) once again finished a very positive week in a subdued manner. The benchmark index dropped 0.5% to 6,601.1 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 futures pointing higher.
The Australian share market looks set to start the week on a very positive note. According to the latest SPI futures, the ASX 200 is expected to rise 39 points or 0.6% at the open. This follows a solid end to the week on Wall Street on Friday, which saw the Dow Jones rise 0.1%, the S&P 500 climb 0.25%, and the Nasdaq jump 0.9%. The S&P 500 closed at a new record high.
Oil prices mixed.
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch today after a mixed finish to the week for oil prices. According to Bloomberg, the WTI crude oil price dropped 0.4% to US$45.53 a barrel and the Brent crude oil price climbed 0.4% to US$48.18 a barrel. Despite this mixed finish, oil prices recorded their fourth successive weekly gain.
Gold price sinks lower.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week in the red after the gold price tumbled lower on Friday night. According to CNBC, the spot gold price sank 1.3% to US$1,788.1 an ounce. This was driven by optimism over the global economic recovery.
Treasury Wine to return.
The Treasury Wine Estates Ltd (ASX: TWE) share price crashed 11% lower on Friday before being placed in a trading halt. The wine company’s shares are likely to emerge from their halt this morning with a response to the Chinese Ministry of Commerce announcing tariffs on all Australian wine imports. This follows a review of the preliminary findings of an anti-dumping investigation into Australia’s wine exports. Tariffs will range from between 107% to more than 200%. In FY 2020 the company generated almost half of its earnings from the Asia market.
Zip Co annual general meeting.
The Zip Co Ltd (ASX: Z1P) share price will be one to watch today when it holds its annual general meeting. Although the buy now pay later provider has only recently released a trading update, it could still provide investors with a snapshot of how it is performing in November. A further update on its international expansion plans and progress could also be on the cards.