On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week deep in the red. The benchmark index fell 0.8% to 6,676.8points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to jump
The Australian share market looks set to rebound strongly on Monday after a very positive end to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 95 points or 1.4% higher this morning. On Wall Street, the Dow Jones was up 2.5%, the S&P 500 rose 2.4%, and the NASDAQ stormed 2.3% higher.
Oil prices rise
Energy shares such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a good start to the week after oil prices pushed higher on Friday night. According to Bloomberg, the WTI crude oil price was up 0.65% to US$85.05 a barrel and the Brent crude oil price rose 1.2% to US$93.50 a barrel. Optimism over Chinese demand offset recession fears.
South32 update
The South32 Ltd (ASX: S32) share price will be one to watch on Monday when the mining giant releases its quarterly update. According to a note out of Goldman Sachs, its analysts are expecting the miner to report alumina production of 1,345kt, aluminium production of 271kt, and met coal production of 1,650kt.
New Hope goes ex-dividend
The New Hope Corporation Limited (ASX: NHC) share price is likely to drop deep into the red on Monday. That's because the coal miner's shares are due to trade ex-dividend for its latest dividend. Thanks to sky high coal prices, last month New Hope was able to declare a mammoth fully franked final dividend of 56 cents per share. This will be paid to eligible shareholders on 8 November.
Gold price rebounds
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price rebounded on Friday. According to CNBC, the spot gold price was up 1.2% to US$1,656.3 an ounce during the session. This was driven by hopes that rate hikes will happen at a slower pace in the US.
