5 things to watch on the ASX 200 on Monday 23 October 2023

5 things to watch on the ASX 200 on Monday

Another tough session is expected for the ASX 200 on Monday.

James Mickleboro

Author Bio James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas. Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends. His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed. Areas of Expertise ASX shares Growth and dividend investing Broker research Interpreting company announcements Market news Portfolio strategy Long-term wealth creation Education Bachelor of Politics, Philosophy and Economics. CFA Institute Social Media LinkedIn James is the founder of Evermore Asset Management, which focuses on undercovered global stocks. Favourite Investment Quote "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett

Published October 23, 2023 5:30 am AEDT

On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in the red. The benchmark index fell 1.15% to 6,900.7 points.

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

A man in trendy clothing sits on a bench in a shopping mall looking at his phone with interest and a surprised look on his face. — Image source: Getty Images

ASX 200 expected to sink again

The Australian share market looks set to open the week deep in the red again following a poor finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 65 points or 0.9% lower on Monday. In the United States, the Dow Jones was down 0.85%, the S&P 500 fell 1.25%, and the NASDAQ sank 1.5%.

Oil prices ease

ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be in focus after oil prices eased on Friday night. According to Bloomberg, the WTI crude oil price was down 0.3% to US$88.08 a barrel and the Brent crude oil price was down 0.25% to US$92.16 a barrel. A slight de-escalation of Middle East tensions was behind this decline.

Treasury Wine on watch

Treasury Wine Estates Ltd (ASX: TWE) shares will be on watch this morning. That's because the Chinese government has agreed to undertake an expedited review of its Australian wine duties. Prime Minister Anthony Albanese said: "I welcome the progress we have made to return Australian products, including Australian wine, to the Chinese market."

Gold price nears US$2,000

ASX 200 gold shares such as Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price continued its ascent on Friday night. According to CNBC, the spot gold price was up 0.65% to US$1,993.1 an ounce. Demand for safe-haven assets pushed gold higher.

New Hope shares go ex-dividend

The New Hope Corporation Ltd (ASX: NHC) share price is likely to trade sharply lower on Monday. That's because the coal miner's shares are due to trade ex-dividend this morning for its upcoming final dividend. Eligible shareholders can now look forward to receiving this 30 cents per share fully franked dividend next month on 7 November.

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