5 things to watch on the ASX 200 on Monday

The ASX 200 looks set to start the week on a high…

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On Friday, the S&P/ASX 200 Index (ASX: XJO) was on form and raced higher. The benchmark index rose 1.1% to 7,182.7 points.

Will the market be able to build on this on Monday? Here are five things to watch:

ASX 200 expected to jump

The Australian share market looks set to start the week with a strong gain following a very positive night on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 83 points or 1.15% higher this morning. On Wall Street, the Dow Jones was up 1.75%, the S&P 500 climbed 2.5%, and the Nasdaq stormed 3.3%. Slowing US inflation boosted investor sentiment.

Oil prices rise

Energy producers Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a positive start to the week after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price rose 1% to US$115.07 a barrel and the Brent crude oil price climbed 1.7% to US$119.43 a barrel. A potential outright European ban on Russian oil boosted prices.

AGL demerger on the rocks?

The AGL Energy Limited (ASX: AGL) share price will be on watch this morning amid speculation that the energy giant’s demerger could be scrapped. It is believed that this could also see AGL announce the exit of its chief executive officer, Graeme Hunt, this morning.

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 traded edged higher on Friday night. According to CNBC, the spot gold price is up 0.2% to US$1,857.3 an ounce. A softer US dollar supported the precious metal, taking it to its second successive weekly gain.

Tech shares on watch

It looks set to be a great day of trade for the local tech sector after the tech-focused Nasdaq index surged 3.3% higher on Friday night. Investors were scrambling to buy tech shares after data showed that US inflation is slowing. This bodes well for tech favourites such as Block Inc (ASX: SQ2) and Xero Limited (ASX: XRO) this morning.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc. and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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