On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in a subdued fashion. The benchmark index edged 0.15% lower to 7,313.9 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market is poised to open the week higher despite a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 29 points or 0.4% higher on Monday. In the United States, the Dow Jones and the S&P 500 were flat, whereas NASDAQ dropped 0.2%.
Oil prices rise
It could be a decent start to the week for ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices rose on Friday night. According to Bloomberg, the WTI crude oil price was up 1.9% to US$77.07 a barrel and the Brent crude oil price climbed 1.8% to US$81.07 a barrel. Traders were bidding oil prices higher amid tightening supplies.
Rio Tinto acquisition
Rio Tinto Ltd (ASX: RIO) shares will be in focus this morning after the mining giant announced a $1 billion acquisition. The miner has signed an agreement with Giampaolo Group, one of North America's largest fully-integrated metal management businesses, to form a joint venture to manufacture and market recycled aluminium products. Under the terms of the agreement, Rio Tinto will acquire a 50% equity stake in Giampaolo Group's wholly-owned Matalco business.
Gold price falls
ASX 200 gold shares such as Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a poor start to the week after the gold price dropped on Friday night. According to CNBC, the spot gold price was down 0.35% to US$1,963.9 an ounce. The gold price was largely flat for the week amid uncertainty over where rates are going from here.
South32 update
The South32 Ltd (ASX: S32) share price will be on watch today when the mining giant releases its quarterly update. The market is expecting quarterly alumina production of 1,392kt, aluminium production of 283kt, and met coal production of 1,525kt. Elsewhere, after the market close, lithium miner Pilbara Minerals Ltd (ASX: PLS) will be releasing its quarterly update.
