On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in the red. The benchmark index fell 0.5% to 8,118.8 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
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ASX 200 expected to rebound
The Australian share market looks set for a good start to the week following a strong session on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 36 points or 0.45% higher. In the United States, the Dow Jones was up 0.7%, the S&P 500 rose 0.4%, and the Nasdaq jumped 0.8%.
Oil prices rise
ASX 200 energy shares including giants such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a decent start to the week after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price was up 0.3% to US$69.49 a barrel and the Brent crude oil price was up 0.4% to US$73.10 a barrel. Traders were buying oil amid concerns that Iran could launch another attack on Israel.
Westpac full year results
Westpac Banking Corp (ASX: WBC) shares will be on watch on Monday when the big four bank releases its eagerly anticipated full year results. According to a note out of Goldman Sachs, it is expecting the bank to report a 1.9% decline in cash earnings to $7,083 million for the 12 months ended 30 September. However, despite the profit decline, the broker has pencilled in a dividend increase to a fully franked $1.80 per share.
Gold price eases
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a subdued start to the week after the gold price eased on Friday night. According to CNBC, the gold futures price was down 0.1% to US$2,745.9 an ounce. This small decline was driven by a stronger US dollar and higher bond yields.
Mineral Resources CEO update
The Mineral Resources Ltd (ASX: MIN) share price will be one to watch closely on Monday. That's because the mining and mining services company is scheduled to release an update on its founder and CEO, Chris Ellison. Last week, it said: " The Company acknowledges that it has been the subject of ongoing reporting about its Managing Director and other matters, and fully recognises the requirement to respond appropriately from a governance and process perspective. […] the Board's present intention is to issue an announcement to the market regarding the conclusions it has reached and the actions it will take by Monday, 4 November 2024.
