On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a strong gain. The benchmark index rose 1.35% to 7,971.1 points.
Will the market be able to build on this on Monday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market looks set to fall on Monday despite a decent finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 14 points or 0.2% lower. In the United States, the Dow Jones was up 0.25%, the S&P 500 was 0.2% higher, and the Nasdaq rose 0.2%.
Oil prices fall
ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued start to the week after oil prices fell on Friday. According to Bloomberg, the WTI crude oil price was down 1.9% to US$76.65 a barrel and the Brent crude oil price was down 1.7% to US$79.68 a barrel. Peace talks in the Middle East put pressure on oil prices.
Buy CAR Group shares
Goldman Sachs thinks that CAR Group Limited (ASX: CAR) shares are still great value at current levels. Following a review of ASX 200 online listings companies, the broker has retained its buy rating and $40.90 price target on CAR Group's shares. It believes the auto listings company is well-placed for strong growth in the coming years. It said: "We are Buy rated on CAR as we are increasingly confident in the company's earnings momentum (both locally & globally) – forecasting +11% EPS CAGR across FY24-27E."
Gold price jumps to record high
It could be a very positive start to the week for ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price jumped on Friday. According to CNBC, the spot gold price was up 1.8% to US$2,537.8 an ounce. A softer US dollar and rate cut optimism boosted the precious metal to a record high.
Westpac Q3 results
Westpac Banking Corp (ASX: WBC) shares will be on watch today when the banking giant releases its eagerly anticipated third quarter results. All eyes will be on the bank's profits, net interest margin, and bad debts. In respect to the latter, other big four banks have started to report a deterioration in asset quality due to rising interest rates.
