5 things to watch on the ASX 200 on Monday

The ASX 200 is expected to start the week on a positive note on Monday.

Contented looking man leans back in his chair at his desk and smiles.

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in a disappointing fashion. The benchmark index sank 0.9% to 7,115.2 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 looks set to open the week higher following a solid finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.3% higher on Monday. In the United States, the Dow Jones was up 0.7%, the S&P 500 rose 0.7%, and the NASDAQ charged 0.95% higher.

Oil prices push higher

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good start to the week after oil prices charged higher on Friday night. According to Bloomberg, the WTI crude oil price was up 1% to US$79.83 a barrel and the Brent crude oil price climbed 1.3% to US$84.48 a barrel. Oil prices rose following a fire at a refinery in Louisiana, United States.

Fortescue results

The Fortescue Metals Group Ltd (ASX: FMG) share price will be on watch this morning when the iron ore giant releases its FY 2023 results. Goldman Sachs expects Fortescue to report revenue of US$16,775 million and EBITDA of US$10,074 million. A full-year dividend of US$1.26 per share has been pencilled in by the broker.

Gold price edges lower

ASX 200 gold shares Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a subdued start to the week after the gold price edged lower on Friday night. According to CNBC, the spot gold price was down 0.2% to US$1,943.3 an ounce. The precious metal fell after the US Fed warned that more rate hikes could be coming.

Wesfarmers rated neutral

The Wesfarmers Ltd (ASX: WES) share price could be around fair value according to Goldman Sachs. Its analysts have responded to the conglomerate's FY 2023 results by upgrading its shares to a neutral rating with a $49.80 price target. The broker was impressed with Wesfarmers' "strong set of results" but feels it "is trading at fair value."

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 Goldman Sachs Group and Wesfarmers. The Motley Fool Australia has positions in and has recommended Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Share Market News

ASX shares could get a massive boost on Tuesday. Here's why

Australia's inflation is running hotter than other comparable economies, and experts are divided on how fast relief could be coming.

Read more »

Happy man working on his laptop.
Share Market News

5 things to watch on the ASX 200 on Monday

The ASX 200 is expected to start the week on a very positive note.

Read more »

Three young girls on a farm hold bunches of carrots triumphantly above their heads.
Dividend Investing

Income investors: 3 ASX dividend shares that could rally in 2024

Don't just grab the stocks with the highest yields. Check out these picks that have potential to bring back capital…

Read more »

Woman and man calculating a dividend yield.
Share Market News

3 things ASX investors should watch this week

The next few days will be massive for your stock portfolio. Keep your eyes on these events especially.

Read more »

three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.
Broker Notes

Goldman Sachs says these ASX 200 shares can rise 20% to 50%

There could be some big returns on offer with these stocks in 2024.

Read more »

A young man talks tech on his phone while looking at a laptop. A financial graph is superimposed across the image.
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave the thumbs up to these ASX shares last week. Why are they bullish?

Read more »

Man jumping in water with a floatable flamingo, symbolising passive income.
Investing Strategies

Looking to quit work and live off ASX passive income? Here's how I'd aim to make it happen

If you want to tell your boss where to go, you will have to read this.

Read more »

Animation of a man measuring a percentage sign, symbolising rising interest rates.
Share Market News

Here's what Westpac says the RBA will do with interest rates next week

Will the RBA increase rates again next week?

Read more »