On Friday the S&P/ASX 200 Index (ASX: XJO) finished a poor week on a disappointing note. The benchmark index fell to 2% to 7,185.5 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market looks set to bounce back on Monday. According to the latest SPI futures, the ASX 200 is expected to open the day 52 points or 0.7% higher this morning. This follows a strong end to the week on Wall Street, which saw the Dow Jones rise 1.4%, the S&P 500 climb 1.15%, and the Nasdaq trade 0.8% higher.
Trading volumes on the ASX 200 are expected to be much lower today due to much of Australia being off work for public holidays. For several Australian states, today is Labour Day. And for Queensland, it is observing the Queen’s Birthday today.
Oil prices rise
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a solid start to the week after oil prices pushed higher on Friday night. According to Bloomberg, the WTI crude oil price is up 1.1% to US$75.88 a barrel and the Brent crude oil price has risen 1.2% to US$79.28 a barrel. Prices rose 2.5% and 1.5%, respectively, over the five days.
Gold price edges higher
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$1,758.40 an ounce. A softer US dollar boosted the precious metal and helped it record a small weekly gain.
ANZ shares named as buys
The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price could be heading higher from here according to the team at Bell Potter. According to a note, the broker has retained its buy rating and $31.00 price target on the banking giant’s shares. Bell Potter is expecting a solid full year result later this month.