On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week deep in the red. The benchmark index sank 1.1% to 7,727.6 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market looks set to rebound on Monday following a strong finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 47 points or 0.6% higher. On Friday in the United States, the Dow Jones was up slightly, the S&P 500 rose 0.7%, and the Nasdaq jumped 1.1%.
Oil prices rise
ASX 200 energy shares such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a good start to the week after oil prices climbed on Friday. According to Bloomberg, the WTI crude oil price was up 1.1% to US$77.72 a barrel and the Brent crude oil price was up 0.9% to US$82.12 a barrel. This was driven by optimism over rising demand as the summer driving season gets underway in the Northern Hemisphere.
Lendlease asset sale rumours
The Lendlease Group (ASX: LLC) share price will be on watch today amid rumours the global property company is about to make a big announcement. According to the AFR, Lendlease intends to end all international property development and sell its overseas construction divisions. The latter will see the company reportedly offload over $4 billion worth of assets, mostly in the United States and United Kingdom.
Gold price softens
ASX 200 gold mining shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a soft start to the week after the gold price edged lower on Friday. According to CNBC, the spot gold price was down 0.1% to US$2,356.9 an ounce. Rate cut doubts weighed on the precious metal.
Bendigo and Adelaide Bank rated neutral
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is fully valued according to analysts at Goldman Sachs. This morning, the broker has retained its neutral rating with a $10.51 price target. This is a touch lower than where the regional bank's shares currently trade. It said: "Until we see more evidence that the company can deliver a sustained improvement in its ROE, we are reticent to capitalise the material upside to PPOP that a 50% CTI would deliver to shareholders. Therefore, with the stock implying -3% downside to our A$10.51 target price, in the middle of our A&NZ coverage, we reiterate our Neutral recommendation."
