On Friday the S&P/ASX 200 Index (ASX: XJO) finished a disappointing week on a poor note. The benchmark index fell 0.4% to 7,342.6 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to edge higher on Monday. According to the latest SPI futures, the ASX 200 is expected to open the day 2 points higher this morning. This follows a subdued end to the week on Wall Street, which saw the Dow Jones rise 0.1%, the S&P 500 climb 0.15%, and the Nasdaq trade flat.
Oil prices rise
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 0.7% to US$73.98 a barrel and the Brent crude oil price has risen 1.1% to US$78.05 a barrel. Oil prices rose over 3% during the week amid solid demand and tight supplies.
Nike warns of weaker sales and supply chain issues
The Super Retail Group Ltd (ASX: SUL) share price will be on watch today after Nike warned of weaker than expected sales and supply chain issues. This led to the sports giant’s shares tumbling 6% lower, dragging down Footlocker shares by 7% too. Super Retail owns the Rebel business, competing with Accent Group Ltd (ASX: AX1) and its numerous footwear stores such as Platypus and The Athlete’s Foot.
Gold price rises
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price edged higher on Friday night. According to CNBC, the spot gold price rose 0.1% to US$1,751.70 an ounce. The gold price was largely flat for the week.
Iron ore price pushes higher
The shares of BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) could start the week on a positive note after the benchmark iron ore price pushed higher. According to Metal Bulletin, the spot benchmark iron ore price is up 2.4% to US$111.33 a tonne.