On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a big decline. The benchmark index fell 0.9% to 8,283.2 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 solid finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 44 points or 0.5% higher. In the United States, the Dow Jones was up 0.1%, the S&P 500 was 0.4% higher and the Nasdaq rose 0.6%.
Oil prices tumble again
ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a difficult start to the week after oil prices tumbled again on Friday. According to Bloomberg, the WTI crude oil price was down 2.1% to US$69.22 a barrel and the Brent crude oil price was down 1.9% to US$73.06 a barrel. This meant that oil prices lost over 7% of their value last week.
South32 quarterly update
South32 Ltd (ASX: S32) shares will be on watch on Monday when the mining giant releases its first quarter update. The market is expecting South32 to report copper production of 16.5kt, alumina production of 1,258kt, aluminium production of 284kt, and nickel production of 9kt. The latter will be down 22% on the previous quarter.
Gold price storms higher
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price jumped on Friday. According to CNBC, the gold futures price was up 0.8% to US$2,730 an ounce. Global uncertainties drove gold to a new record high on Friday.
Buy CSL shares
Bell Potter thinks that CSL Ltd (ASX: CSL) shares are undervalued at current levels. This morning, the broker has initiated coverage on the biotechnology giant's shares with a buy rating and $345.00 price target. It said: "In our view the stock looks undervalued on a PE ratio 18%/8% below 5yr/10yr historical averages and is set for double-digit earnings growth driven by the core Behring division. Short-term catalysts include the R&D investor update on 22 October and potential garadacimab HAE approval in the current quarter."
