On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week with a small decline. The benchmark index fell slightly to 7,489.1 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 for a subdued session on Monday despite a positive finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 3 points lower this morning. On Wall Street, the Dow Jones was up 0.1%, the S&P 500 rose 0.2%, and the Nasdaq climbed 0.1%.
Oil prices climb
It could be a good start to the week for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices rose on Friday night. According to Bloomberg, the WTI crude oil price was up 2.2% to US$73.81 a barrel and the Brent crude oil price was up 1.5% to US$78.76 a barrel. Rising tensions in the Middle East gave oil prices a boost.
Core Lithium rated as a sell
Core Lithium Ltd (ASX: CXO) shares are a sell according to analysts at Goldman Sachs. This follows news that the lithium miner is suspending production to conserve cash while battery material prices are weak. It said: "We reiterate that deferring early works on BP33 development, and now suspending mining operations at Grants, increases the risk of a gap in production in FY25."
Gold price flat
ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a subdued session on Monday after the gold price ended last week flat. According to CNBC, the spot gold price was steady at US$2,049.8 an ounce. And for the week, the precious metal lost 1.1% of its value as rate cut optimism waned.
Buy QBE shares
QBE Insurance Group Ltd (ASX: QBE) shares could have major upside potential according to analysts at Goldman Sachs. This morning, the broker has retained its buy rating on the insurance giant's shares with a trimmed price target of $18.52. This implies a 23% upside from current levels. It said: "We expect the earned premium rates to continue to be well ahead of underlying inflation against a backdrop of moderating reinsurance pressures and perils."
