On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week deep in the red. The benchmark index fell 0.95% to 7,063.6 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 rise
The Australian share market looks set to start the week on a positive note. This is despite a poor finish to last week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.3% higher this morning. On Wall Street, the Dow Jones fell 0.7%, the S&P 500 dropped 1.3%, and the Nasdaq tumbled 2.2%.
Public holidays
A number of states are observing public holidays on Monday. And while this won't stop the Australian share market from opening, it could mean that trading volumes are lower than normal during today's session.
Oil prices storm higher
Energy producers Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a good start to the week after oil prices charged higher. According to Bloomberg, the WTI crude oil price is up 3.1% to US$109.33 a barrel and the Brent crude oil price has risen 3% to US$112.67 a barrel. Despite this sizeable gain, oil prices posted their biggest weekly decline since November.
Gold price falls
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a difficult start to the week after the gold price pulled back on Friday night. According to CNBC, the spot gold price fell 0.8% to US$1,985 an ounce. The gold price softened amid rate hike optimism.
Iron ore price edges lower
The shares of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) will be on watch on Monday following a slight pullback in the iron ore price on Friday night. According to Metal Bulletin, the spot benchmark iron ore price dropped 1.2% to US$154.50 a tonne. The two mining giants saw their US listed shares fall ~4% and ~3%, respectively, on Friday.
