On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week on a disappointing note. The benchmark index fell 0.4% to 7,330.4 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to fall on Monday following a poor finish to last week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% lower this morning. In the United States, the Dow Jones, S&P 500, and NASDAQ all rose 0.1%.
Oil prices rise
It could be a positive start to the week for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices rose on Friday. According to Bloomberg, the WTI crude oil price was up 0.65% to US$77.87 a barrel and the Brent crude oil price rose 0.7% to US$81.66 a barrel. Oil prices rose on Friday following the release of strong economic data in the euro zone and Britain.
BHP rated neutral
Goldman Sachs is sitting on the fence with its recommendation for BHP Group Ltd (ASX: BHP) shares following the miner's quarterly update. The broker has retained its neutral rating on the Big Australian's shares with a slightly improved price target of $50.50. It said: "BHP reported a slightly weaker than expected Mar Q operating result with copper, met coal and nickel production all below GSe, whereas Iron ore production and shipments were above GSe but below Visible Alpha Consensus Data."
Gold price tumbles
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a tough start to the week after the gold price tumbled on Friday night. According to CNBC, the spot gold price dropped 1.25% to $1,994.1 per ounce. This was caused by growing US rate hike bets.
Brickworks named as a buy
The Brickworks Limited (ASX: BKW) share price is good value according to analysts at Morgans. This morning, the broker has retained its add rating on the building materials company's shares with a $26.10 price target. It said: "Brickworks recently presented to the Morgans network. Overall, the presentation was positive, with management pointing to an incrementally improved outlook for the Australian residential housing market (and in turn the Australian brick business."
