On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week on a very disappointing note. The benchmark index sank 1.45% to 7,323.7 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to storm higher
The Australian share market looks set to have a very positive start to the week. According to the latest SPI futures, the ASX 200 is expected to open the day 68 points or 0.9% higher this morning. This follows a solid end to the week on Wall Street, which saw the Dow Jones rise 0.25%, the S&P 500 climb 0.2%, and the Nasdaq push 0.3% higher.
Westpac full year results
The Westpac Banking Corp (ASX: WBC) share price will be on watch today when it releases its full year results. According to a note out of Morgans, its analysts are expecting cash earnings of $5,237 million. But perhaps more importantly, the broker continues to expect the banking giant to announce a $5 billion off-market share buyback.
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 0.9% to US$83.57 a barrel and the Brent crude oil price has risen 0.1% to US$83.72 a barrel. Oil prices were down over the week amid rising oil inventories in the US.
Gold price sinks
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week in the red after the gold price sank on Friday night. According to CNBC, the spot gold price fell 1% to US$1,783.90 an ounce. A rallying US dollar weighed on the price of the precious metal.
Macquarie shares rated neutral
The Macquarie Group Ltd (ASX: MQG) share price could be fully valued according to analysts at Goldman Sachs. According to the note, the broker has retained its neutral rating and lifted its price target to $196.80. Goldman was impressed with its half year results but feels its shares are expensive at 21x forward earnings.
