On Friday the S&P/ASX 200 Index (ASX: XJO) finished a decent week on a subdued note. The benchmark index fell slightly to 7,488.3 points.
Will the ASX 200 be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to rise on Monday. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2% higher this morning. This follows a strong end to the week on Wall Street, which saw the Dow Jones rise 0.7%, the S&P 500 climb 0.9%, and the Nasdaq push 1.2% higher. Comments out of the US Federal Reserve boosted US stocks.
Oil prices rise as Hurricane Ida nears
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a solid start to the week after oil prices rose on Friday night. According to Bloomberg, the WTI crude oil price is up 2% to US$68.74 a barrel and the Brent crude oil price has risen 1.9% to US$72.70 a barrel. Oil prices rose after Hurricane Ida forced the shutdown of production in the Gulf of Mexico.
Fortescue full year results
The Fortescue Metals Group Limited (ASX: FMG) share price will be one to watch when it releases its full year results. According to a note out of Goldman Sachs, its analysts are expecting the iron ore giant to report underlying earnings of US$10,369 million. This is up 118% year on year and is expected to underpin a full year dividend of US$2.70 per share.
Gold price pushes higher
Australian gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week on a positive note after the gold price pushed higher on Friday night. According to CNBC, the spot gold price rose 1.4% to US$1,819.5 an ounce. The gold price rose in response to comments out of the US Federal Reserve relating to its tapering plans.
Altium full year results
The Altium Limited (ASX: ALU) share price will be on watch this morning when it releases its full year results. According to CommSec, the market is expecting the electronic design software company to reported a net profit after tax of US$46 million for FY 2021.
