5 things to watch on the ASX 200 on Monday

A subdued start to the week is expected for Aussie investors.

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On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week on a positive note. The benchmark index rose 0.35% to 7,749 points.

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

ASX 200 expected to edge lower

The Australian share market looks set to start the week in the red despite a relatively positive finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.2% lower. On Friday in the United States, the Dow Jones was up 0.3%, the S&P 500 rose 0.15%, and the Nasdaq traded largely flat.

Oil prices fall

ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a poor start to the week after oil prices weakened on Friday. According to Bloomberg, the WTI crude oil price was down 1.25% to US$78.26 a barrel and the Brent crude oil price was down 1.3% to US$82.79 a barrel. A stronger US dollar weighed on prices.

ANZ going ex-dividend

ANZ Group Holdings Ltd (ASX: ANZ) shares are likely to trade lower on Monday after going ex-dividend for the bank's upcoming interim dividend. Last week, the big four bank released its half year results, reported a cash profit of $3,552 million, and declared an interim dividend of 83 cents per share. Eligible shareholders can look forward to receiving this 65% franked interim dividend on 1 July.

Gold price pushes higher

ASX 200 gold mining shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good session after the gold price charged higher on Friday. According to CNBC, the spot gold price was up 1.15% to US$2,366.9 an ounce. The precious metal extended its gains on Friday after US jobs data supported rate cut bets.

QBE rated as a buy

The QBE Insurance Group Ltd (ASX: QBE) share price could be undervalued according to analysts at Goldman Sachs. In response to the insurance giant's quarterly update, the broker has retained its buy rating with an improved price target of $20.90. It said: "1Q24 print was operationally strong a) Guidance reaffirmed – COR 93.5%/ GWP mid single digit b) Strong investment result (in line) – 4.8% running yield at May-24 c) Net impact across both Apr-24 YTD Perils experience & PYD flagged perhaps ~$50m positive (on our estimates) before full reserve calcs at half year."

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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