On Friday the S&P/ASX 200 Index (ASX: XJO) finished a very strong week on a positive note. The benchmark index rose 0.5% to 7,628.9 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to give back some its gains on Monday. According to the latest SPI futures, the ASX 200 is expected to open the day 9 points or 0.1% lower. This follows a subdued but positive end to the week on Wall Street, which saw the Dow Jones rise slightly, the S&P 500 climb 0.15%, and the Nasdaq edge lightly higher.
Oil prices drop
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be under pressure today after oil prices dropped on Friday night. According to Bloomberg, the WTI crude oil price is down 1% to US$68.44 a barrel and the Brent crude oil price has fallen 1% to US$70.59 a barrel. Concerns that the Delta strain of COVID-19 could impact demand weighed on prices.
Carsales results
The Carsales.Com Ltd (ASX: CAR) share price will be on watch when the auto listings company releases its full year results. According to a note out of Goldman Sachs, it expects Carsales to report a 7% increase in revenue to $425 million and a 19% increase in EBITDA to $242 million. This compares to the consensus estimate of $427 million and $246 million, respectively.
Gold price rises
Australian gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week strongly after the gold price stormed higher on Friday night. According to CNBC, the spot gold price rose 1.5% to US$1,778.2 an ounce. Weakness in the US dollar supported the precious metal.
Other results releases
It isn't just Carsales releasing its results today. Also pencilled in to release their respective results are regional bank Bendigo and Adelaide Bank Ltd (ASX: BEN), steel giant BlueScope Steel Limited (ASX: BSL), retail giant JB Hi-Fi Limited (ASX: JBH), and global property company Lendlease Group (ASX: LLC).
