On Friday the S&P/ASX 200 Index (ASX: XJO) finished a positive week on a disappointing note. The benchmark index tumbled 1.2% to 6,675.5 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
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ASX futures pointing lower.
The Australian share market looks set to start the week in a cautious manner after an underwhelming finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the week 10 points or 0.15% lower this morning. On Friday night on the United States, the Dow Jones fell 0.4%, the S&P 500 dropped 0.35%, and the Nasdaq edged 0.1% lower.
BINGO a takeover target?
The BINGO Industries Ltd (ASX: BIN) share price will be on watch this morning after rumours swirled that it could be a takeover target. According to the AFR, the waste management company is being pitched to funds as "contracted industrial infrastructure." Infrastructure funds are believed to kicking a few tyres to test the reliability of its revenue and earnings.
Oil prices jump.
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could start the week strongly after oil prices finished the week higher. According to Bloomberg, the WTI crude oil price rose 1.5% to US$49.10 a barrel and the Brent crude oil price climbed 1.5% to US$52.26 a barrel. This led to oil prices recording their seventh successive weekly gain.
Gold price softens.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the spot gold price softened on Friday. According to CNBC, the spot gold price fell 0.2% to US$1,886.80 an ounce. A firmer U.S. dollar led to weakness in the price of the precious metal.
QBE share price given conviction buy rating.
The QBE Insurance Group Ltd (ASX: QBE) share price crashed 12% lower on Friday after the release of a trading update. One broker that sees this as a buying opportunity is Goldman Sachs. Its analysts have put a conviction buy rating and $10.67 price target on the insurance giant's shares. This compares to the current QBE share price of $8.71. Goldman commented: "At 12x our FY21 earnings we continue to think QBE looks attractive relative to growth we forecast and remain broadly comfortable with our thesis."
