On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a decent gain. The benchmark index rose 0.3% to 8,434.7 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to edge higher on Monday despite a mixed finish to last week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% higher. In the United States, the Dow Jones was up 0.1%, but the S&P 500 traded flat and the Nasdaq dropped 0.3%.
Oil prices fall
It could be a subdued start to the week for ASX 200 energy shares such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices edged lower on Friday night. According to Bloomberg, the WTI crude oil price was down 0.25% to US$60.79 a barrel and the Brent crude oil price was down 0.9% to US$62.78 a barrel. This was driven by news that OPEC plans to increase production in July.
Trump announces steel tariffs
BlueScope Steel Ltd (ASX: BSL) shares will be on watch today after US President Donald Trump announced plans to increase tariffs on foreign steel imports from 25% to 50%. However, this is being seen as a win for BlueScope, which generates around half of its earnings from its US-based North Star business. If tariffs reduce imports then it could lead to increased demand for North Star's offering.
Gold price falls
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a poor start to the week after the gold price fell on Friday night. According to CNBC, the gold futures price was down 0.9% to US$3,315.4 an ounce. Traders were selling gold despite tariff concerns.
Big miners on watch
BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) shares were under pressure on Wall Street on Friday after a pullback in a range of commodity prices. This could mean they have a subdued session on the local market on Monday, along with the likes of iron ore giant Fortescue Ltd (ASX: FMG) and lithium miner Pilbara Minerals Ltd (ASX: PLS).
