5 things to watch on the ASX 200 on Monday

Pointsbet Holdings Ltd (ASX:PBH) and Westpac Banking Corp (ASX:WBC) shares will be on watch on the ASX 200 on Monday…

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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.”

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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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