On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week on a very disappointing note. The benchmark index fell 0.8% to 7,025.8 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 futures pointing lower
The Australian share market looks set to start the week with a decline. According to the latest SPI futures, the ASX 200 is expected to open the week 7 points or 0.1% lower this morning. This follows a poor finish to the week on Wall Street, which saw the Dow Jones fall 0.55%, the S&P 500 drop 0.7%, and the Nasdaq tumble 0.85%.
Westpac half year update
The Westpac Banking Corp (ASX: WBC) share price will be on watch today when it releases its half year results. According to a note out of Goldman Sachs, its analysts have pencilled in cash earnings (before one-offs) of $3,400 million. This will be up 242% on the prior corresponding period. From this, Goldman expects the Westpac board to declare a fully franked 56 cents per share interim dividend.
Oil prices tumble
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could start the week on a disappointing note after oil prices tumbled lower. According to Bloomberg, the WTI crude oil price fell 2.2% to US$63.58 a barrel and the Brent crude oil price dropped 1.9% to US$66.76 a barrel. Concerns over demand in India weighed heavily on prices.
Gold price flat
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price traded flat on Friday night. According to CNBC, the spot gold price ended the week at US$1,767.0 an ounce.
PointsBet rated as a buy
The Pointsbet Holdings Ltd (ASX: PBH) share price could be great value according to one leading broker. This morning, Goldman Sachs responded to the sports betting company's third quarter update by retaining its buy rating with a slightly trimmed price target of $17.20. This compares to the current PointsBet share price of $13.60. It said: "We view PBH's 3Q21 update as a strong set of numbers, further validating our positive thesis on the stock."
